2021 has been quite a year for Bitcoin startups, which have raised record funding. Amid the recent wave, some major industry players announced massive new funding deals over the past week.
MoonPay, a newcomer to space, is taking venture capital crypto-mania to new heights. The financial technology company, which is only 3 years old, said on Monday it raised $ 555 million in its very first fundraiser. The investment was led by Tiger Global and Coature and values ââthe company at $ 3.4 billion.
MoonPay was founded in 2018. The Miami-based software allows users to buy and sell cryptocurrency using conventional payment methods such as credit cards, bank transfers, and even mobile wallets.
MoonPay sells its technology to other companies as well, including the crypto website Bitcoin.com and the NFT OpenSea marketplace. MoonPay CEO Soto-Wright said the company aims to make crypto accessible to the masses.
The CEO said in an interview: âWith blockchain and cryptocurrencies, I think right now we are still in the era of remote access,â adding: âEventually we will get to this place. where it’s easy to move any value anywhere in the world, and the costs get as close to zero as possible.
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The prices of Bitcoin and other cryptocurrencies have recently reached record highs and venture capital investments in start-ups that power the market are booming. Investors are now looking for the next Coinbase after the crypto exchange giant made a hit list in April.
MoonPay claims to offer a âgatewayâ to digital assets. This currently includes Bitcoin, Ether, and various NFTs. Soto-Wright plans to expand the platform even further to include everything from fashion to token socks.
Soto-Wright said people compare MoonPay to PayPal, but for crypto. The company has a number of strong controls and checks in place to combat money laundering. Regulators are increasingly wary of illegal activity in the market.
MoonPay has been profitable since its launch in 2019. The company is currently aiming to reach $ 150 million in annual revenue this year after transaction volumes increased 30-fold from 2020. MoonPay is now used by more than 7 million people. clients.
Despite its obvious popularity, the company faces stiff competition from fintech pioneers like PayPal. Whose likes rolled out their own crypto features last year.