Cryptocurrency startup MoonPay is raising $ 555 million to reach a valuation of $ 3.4 billion

Cryptocurrency fintech startup MoonPay has completed its first round of venture capital and has reached a valuation of $ 3.4 billion after raising the funds.

The company officially announced Monday that it had completed a $ 555 million Series A financing round led by prominent industrial investors including US investment firm Tiger Global and technology-focused investment manager Coatue. Other attendees included Blossom Capital, Thrive Capital, Paradigm, and venture capital firm New Enterprise Associates.

The raised capital is the first funding MoonPay has secured since the company was founded in 2019 by two young entrepreneurs, Ivan Soto-Wright and Victor Faramond. The company claims it has processed more than $ 2 billion in transactions and has a customer base of more than 7 million users.

Cryptocurrency startup MoonPay is raising $ 555 million to reach a valuation of $ 3.4 billion
Cryptocurrency startup MoonPay is raising $ 555 million to reach a valuation of $ 3.4 billion

The fintech company focuses on providing a payment infrastructure for cryptocurrencies and enables crypto-to-fiat transactions for 30 fiat currencies and more than 90 cryptocurrencies such as Bitcoin (BTC). According to the announcement, MoonPay’s fiat-to-crypto entry ramp enables more than 250 crypto apps, websites and wallets, including Bitcoin.com, covering more than 160 countries.

In addition to offering classic cryptocurrency services, MoonPay also offers a native non-fungible token (NFT) solution that allows users to buy and sell NFT. Last week, rapper Post Malone promoted MoonPay in a music video in which The Weeknd bought two Bored Ape Yacht Club NFTs for a total of 160 ETH on the stock exchange.

With the new funding, the company hopes to continue hiring new talent and expanding its services worldwide. According to MoonPay co-founder and CEO Soto-Wright, the company positions itself as “the world’s largest provider of crypto payment infrastructure”.

MoonPay did not immediately respond to Cointelegraph’s request for comment.

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