MoonPay, a fintech startup dedicated to building crypto payment infrastructures, It is expected to reach a valuation of $ 3.4 billion upon completion of the first round of venture capital funding.TO
Venture capital funding for the cryptocurrency payments company is jointly managed by Tiger Global Management and Coatue Management, and will fund the company with a value of $ 400 million. The MoonPay platform enables the buying and selling of cryptocurrencies and digital assets using traditional payment methods such as credit and debit cards and local bank transfers.
Although information about the funding has not been officially released, a report from The Information suggests that “Two people familiar with the subject” have confirmed the development. Upon confirmation, MoonPay will represent a small demographic of cryptocurrency-related startups that will achieve a unicorn rating in three years.
Tiger Global and Coatue Management previously teamed up to fund numerous midsize blockchain, DeFi (DeFi) and cryptocurrency startups. His last investment was in funding $ 24 million for CertiK, a blockchain security company.
MoonPay didn’t want to comment on the development.
A September 22nd Cointelegraph report showed a growing trend in blockchain and crypto investments, as VCs prioritize new technologies.
Additionally, data from the Global Startup Ecosystem Report 2021 suggests that the blockchain industry has seen 121% growth over the past five years. This makes it the second fastest growing subsector in terms of early stage funding after the advanced manufacturing and robotics industries.
Additionally, cryptocurrency companies received more funding in the first quarter of 2021 than they did in all of 2020. Speaking to Cointelegraph on a related topic, Jehan chu, Founder of Hong Kong-based investment company VC Kenetic, said that “Nothing is more compelling than the pressure from colleagues like Michael Saylor, Elon Musk and the onslaught of institutional monetary claims on the market. Venture capital firms must have a position or viewpoint on corporate cryptocurrencies or risk missing out on the biggest market opportunity “in a generation”.