Some major celebrities like Ashton Kutcher, Gal Gadot, Paris Hilton, Eva Longoria, and Steve Aoki among others have pushed forth Moon Pay in its latest funding round. The payments infrastructure company highlighted that the strategic investors represent industries on the cusp of transformation by Web3 technology.
Gwyneth Paltrow, a Hollywood actress, said Web3 is inspiring the entertainment industry to reimagine the way it creates community, connects with fans, builds value, and manages the intellectual property. Aoki pointed out that it won’t be enough to release new NFTs and hope it works. One has to be more participatory and Web3 makes it possible.
Moon Pay, established in 2019, raised $555 million in a Series A round in December 2021 which brought its total evaluation to $3.4 billion. The company integrates with other crypto services to let users buy crypto with a credit card or debit card. It boasts 10 million users across 160 countries. Moon Pay facilitates payments on Bitcoin.com and payments for other platforms as well.
In 2021, Moon Pay set up a concierge service to help celebrities and the super-rich purchase NFTs and cryptocurrency. The company described this as a white-glove service for high net-worth individuals who want to purchase NFTs in the simplest way. Its hassle-free of setting up a wallet, buying crypto then use it to purchase an NFT, and finally taking custody of the asset. Moon Pay invoices clients for the non-fungible tokens and other services they rendered.
Michael Ovitz, the co-founder of Creative Artists Agency, touted Moon Pay’s technology as lowering the barrier of entry to the crypto economy. The company has major celebrities backing it because of Web3.