Several crypto start-ups have been able to raise massive amounts in funding in the span of the past year alone. MoonPay, a fintech company based in Miami, has been able to capture a huge funding deal despite being a newcomer. In it’s first financing round, the organization was able to raise $555 million, which now places the company at a valuation of $3.4 Billion.
MoonPay is a software that allows users to purchase and sell cryptocurrencies using simple payment methods such as credit cards, and mobile wallets like Google Pay. This new technology makes it a service similar to PayPal, but for crypto. The company also sells the technology to other companies, making it a service focusing on crypto sale.
The company seeks to make cryptocurrency more accessible to the general public, similar to how Zoom was able to grow immensely by allowing people to call one another using the internet.
MoonPay’s investors, which includes big players like Tiger Global and Coatue, were drawn to the service because it offers a simple gateway to digital tokens and assets. While this remains the plan for now, the platform aspires to expand to include lots more, such as tokenized stocks and even fashion. The latest funding round enables the company to utilize the money for developing and introducing new products and expanding the business. They also wish to make the company public in the near future. For the same, they are also working on enforcing strict controls and regulations to avoid money laundering and the like.