Moonpay is a crypto payments provider and has raised $555 millions in its first round of funding. The series A round was led by Tiger Global Management and pushed the company’s valuation to $3.4Billion. This will go towards expansion. Moonpay’s fiat-tocrypto ramp is key to hundreds of wallets and services that allow users to onboard with fiat currencies.
Moonpay Snags $3.4 Billion Valuation
Moonpay is a company that processes payments for the purchase of cryptocurrencies and has raised $555 Million in its initial financing round. Coatue and Tiger Global Management led the series A round, with participation by Paradigm Capital, Thrive Kapital, Blossom Capital and Paradigm. This round saw the company valued at $3.4 billion.
John Curtius (a Tiger Global Partner) stated:
We spoke to many of the company’s customers during diligence who highlighted Moonpay’s compelling user experience and expressed conviction in the company’s market leadership. Moonpay has become an icon company thanks to its ability to better enable the global crypto-economy.
Extension Plans and Functionality
Moonpay is expected to start an expansion phase with these funds. This will include investing in additional developers for the team, and adding new functions to its platform. Customers are the main focus of Moonpay. To provide fiat-on-ramping services on cryptocurrency exchanges or wallets, they need to comply with several rules including Know Your Customer (KYC), and Anti-Money Laundering(AML) regulations.
Moonpay is claiming to take out the stress from this process. It provides a third-party service so that companies can concentrate on their business and Moonpay takes care of KYC and payment processing. Crypto liquidity and delivery. Fraud prevention. Ecosystem identity verification. Custom checkout flow.
Matt Huang, Paradigm co-founder stated:
Crypto is rapidly expanding, but accessing the services necessary to attract the next billion people will be difficult. MoonPay provides a secure and simple way for anyone to take part in the new economy.
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