Encrypted payment company MoonPay completes $555 million Series A financing at a valuation of $3.4 billion

This article comes fromDecrypt, original author: Andrew Asmakov

Odaily Translator | Nian Yin Si Tang

This article comes from

, original author: Andrew AsmakovOdaily Translator | Nian Yin Si TangEncrypted payment provider MoonPay announced the completion of a US$555 million Series A equity financing. This round of financing was led by Tiger Global and Coatue, with participation from Blossom Capital, Thrive Capital, Paradigm and NEA. The post-money valuation reached US$3.4 billion—— It has only been two and a half years since MoonPay was established.

Regarding this financing, there was actually news in mid-October. There were two insiders

Disclosed to The Information

, MoonPay is raising $400 million in funding, with Tiger Global Management and Coatue Management co-leading the round. After completing the first round of financing, MoonPay will be valued at $3.4 billion.Launched in 2019, MoonPay offers a suite of products that help users buy and sell cryptocurrencies such as Bitcoin and Ethereum. The platform supports all major payment methods such as debit and credit cards, bank transfers, Apple Pay, Google Pay, and Samsung Pay. Platforms supported by MoonPay include OpenSea, Bitcoin.com, Abra, ZenGo, Spot, and TrustWallet, among others.Commenting on the funding, MoonPay co-founder and CEO Ivan Soto-Wright said the company's mission is "to help entrepreneurs around the world accelerate time-to-market from 12 months or more by building a foundation The time frame is reduced to a few weeks, thereby democratizing the crypto ecosystem.”

Establish a strategic partnership

. The partnership involved MoonPay acquiring a "substantial" stake in BCB Group, but emphasized that it was not a merger and acquisition and details of the transaction were not disclosed. It is reported that BCB Group has a banking agreement with ClearBank in the United Kingdom to provide account and payment processing services for companies such as Bitstamp, Coinbase, Galaxy, Gemini, Huobi and Kraken.

Soto-Wright believes that MoonPay will “help create trillions of dollars worth of digital value” over the next decade. However, he also stressed that their work was far from over.

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MoonPay will help attract the next billion users

According to the company, it has processed more than $2 billion in transactions to date, while also reaching 7 million customers through more than 250 partnerships in 160 countries.

With the new funding, MoonPay plans to continue expanding into the market, as new payment methods will allow the company to reach new customers while also growing its team.

"The cryptocurrency industry is growing rapidly, but to attract the next billion users, more accessible services are needed," said Matt Huang, Paradigm's co-founder and managing partner. The new economy establishes a simple and safe way."

In addition to cryptocurrency conversion, MoonPay is also targeting the NFT market.A notable partner in this space includes OpenSea, the industry's largest NFT marketplace, which has processed approximately $10.5 billion in volume since August. The platform has integrated MoonPay to provide users with an easy, fast and secure way to buy and sell digital assets.In addition, MoonPay launched in Julyreached a cooperationAnnounced that Polygon will be launched