Cryptocurrency payments service company, MoonPay today announced it has secured $555 million in a Series A funding round, increasing its valuation to $3.4 billion. The funding round is remarkable as it is the first-ever financing round organized by the three-year-old crypto startup.
The financing round was led by American investment firms Tiger Global and Coatue, with participation from existing investors as well as new investors including Blossom Capital, Thrive Capital, Paradigm and NEA. MoonPay intends to use the freshly raised capital to invest in its team as well as expand its services to a global audience.
Commending on the funding round, MoonPay co-founder and CEO Ivan Soto-Wright reiterated the company’s mission “to democratize access to the crypto economy by providing tools for businesses to onboard new users with magical product experiences.”
“We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond.”
MoonPay is a Miami-based crypto service platform that enables users to trade cryptocurrencies using payment methods including debit and credit cards, Google Pay, Apple Pay and Samsung Pay. MoonPay has processed over $2 billion in crypto-related transactions to more than 160 countries worldwide.
Crypto Industry Continues to Attract Investment
The cryptocurrency industry is slowly entering the mainstream, as evidenced by the record haul of investor funds flowing into crypto and blockchain startups in recent times. Coinfomania reported last month that cryptocurrency exchange FTX raised a whopping $420 million from a funding round which boosted its valuation to $25 billion.
In a similar development, reports confirmed that industry giant, Digital Currency Group (DCG) was in the middle of a $700 million funding deal that would raise the company’s valuation to $10 billion. In a seemingly separate development, DCG also announced that it has raised $600 million in debt capital financing round led by private investment firm Eldridge.