MoonPay Raises $400 Million in Second Round Funding, Valuation Now at $3.4 billion
- Lujan Odera
US-based crypto payment startup, MoonPay has completed a $400 million capital injection raise bringing the total valuation of the company to $3.4 billion, a blog post from The Information reads. The funding aims to enhance the features of the platform and boost the global adoption of cryptocurrencies.
This funding round was co-led by venture capital firm Tiger Global Management and Coatue Management aiming to grow the user acquisition rates.
MoonPay launched in 2019 with a simple aim to increase cryptocurrency adoption across the globe. With a team of just two young entrepreneurs — co-founders Ivan Soto-Wright and Victor Faramond — the company set out to create a simple and secure software solution that would enable people from all over the world to participate in the “biggest digital revolution since the internet” the company’s blog reads.
The platform allows users to use their credit and debit cards to buy crypto assets or other digital assets on marketplaces such as OpenSea, Bitcoin.com, Abra, ZenGo, Spot, and Trust Wallet.
Last month, MoonPay partnered with the crypto wallet provider Blocto to provide a fiat on-ramp to the Flow blockchain and easier access to NFT marketplaces. Earlier in the month, the company announced a strategic partnership with Bitmart exchange allowing users to better optimize the trading experience.
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.