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Fintech MoonPay held another round of funding
The fintech company MoonPay had another round of financing with excellent results. It managed to raise almost $86.7 million, and before that, the amount of investment was $555 million.
MoonPay is a service through which you can conduct operations with cryptocurrency. There is a wide range of payment instruments to buy and sell digital money. For example, the platform supports Apple Pay and Google Pay.
This round of funding became quite interesting in terms of investors, their number included a huge number of famous people, a total of 60 people. Singers Justin Bieber and The Weeknd, Paris Hilton, actors Matthew McConaughey, Bruce Willis, Gwyneth Paltrow, and others allocated money to develop the service. Celebrities are interested in the company primarily because of the opportunity to sell and buy NFT, which is becoming more and more popular. Thanks to the new investment, MoonPay’s valuation has risen to $3.4 billion.
The management plans to use the proceeds to develop the service. An important direction of MoonPay is to work with NFT, which will allow creative people to promote their products. At the end of last year, the company introduced new functionality for NFT, which is primarily aimed at wealthy users. In addition, celebrities in the form of investors will give an opportunity to popularize both the crypto-asset trend itself and the service.
MoonPay has partnered with other fintech companies in the segment. For example, it has sold its technology to the Bitcoin.com cryptocurrency exchange and the OpenSea platform. The head of MoonPay calls this model of cooperation a crypto service. He singles out the main idea of the business like the availability of cryptocurrencies to a wide range of users. Ivan Soto-Wright sees the digital money market as simple and convenient as using video call services or messengers.
According to the company itself, MoonPay has been profitable since it entered the market in 2019. In the current period, the service wants to reach a revenue level of $150 million. Experts believe that this amount is quite realistic, given that last year the volume of transactions through MoonPay increased 25-fold. The service now has more than 7 million registered users.
The company is seriously considering options to enter the exchange, but so far the primary goal is to develop the service. In the near future, the developers promise to introduce a system of remote user identification that will make cross-border payment transactions more convenient. In addition, specialists are doing their best to make the functionality available to customers who do not have accounts at traditional banking institutions.