“PayPal of Crypto” MoonPay Raises $555 Million in First Funding Round
After raising $555 million in its first ever financing round, crypto payments infrastructure MoonPay has become a $3.4 billion company. The financing round was led by Tiger Global and Coatue.
Although relatively new to the crypto space since its inception two years ago, the firm is already dubbed as the “PayPal of Crypto”. MoonPay plans to use the new capital to expand current offerings and increase global access to cryptocurrencies, by supporting crypto firms to scale up their crypto payments.
“What’s significant is not that we’re breaking records, it’s that people are putting trust in our ability to take crypto mainstream.”
Our CEO @isotowright comments on MoonPay’s historic funding round.
— MoonPay (@MoonPayHQ) November 22, 2021
Ivan Soto-Wright, Co-founder and CEO of MoonPay, commented:
“MoonPay is the world’s largest provider of crypto payments infrastructure that helps any organization bridge traditional finance and crypto. We set out to democratize the crypto ecosystem by creating a foundation that helps entrepreneurs around the world accelerate their time to market from 12 months or more to a matter of weeks. We’re now on our way to help to create trillions of dollars worth of digital value over the next decade. Our work, however, is far from finished. This fundraise will support us in our mission to fully democratize finance and continue to expand across all markets – offering new payment methods and reaching new customers. We look forward to growing our team as part of this goal and leading integration into the crypto economy.”
Managing Partner at Coatue, Kris Fredrickson, added:
“We are excited about the opportunity in crypto, but one of the challenges to mainstream adoption is offering the same seamless experience that users have come to expect from modern internet products. MoonPay has impressed us with its product, infrastructure, and execution.
We think that the crypto economy today is growing faster than the internet was at a similar stage of its development and that MoonPay is well-positioned to serve crypto-native innovators and those in traditional finance.”
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Author: Peter Siu