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The PayPal of crypto

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MoonPay // Illustration by Kate Walker

The PayPal of crypto

The Future. Crypto startup MoonPay raised over half a billion dollars this week. Funding in the crypto world has reached feverish heights this year, with a record $6.5 billion invested in just the third quarter of 2021. MoonPay’s lucrative funding round signals the confidence investors have in a blockchain-driven market — and that momentum doesn’t seem to be slowing down anytime soon.

To the Moon(Pay)
Self-described ‘PayPal of crypto’ startup MoonPay has secured over $500 million in funding.

  • The funding round was led by Tiger Global Management and Coatue and valued the company at a staggering $3.4 billion.
  • CEO Ivan Soto-Wright says he plans to use the funds to beef up its staff, hiring 200 more employees (more than doubling its existing team of 130).
  • MoonPay says it has built a strong customer base of 7 million customers, handling over $2 billion worth of crypto transactions in two years.

Soto-Wright stated that he sees MoonPay becoming the “passport” to Web3 as PayPal was to e-commerce.

WAGBI
MoonPay facilitates payments for crypto via major payments, including debit and credit cards, Apple Pay, and open banking. Up next, it’s looking to streamline checkout processes in the NFT world. Soto-Wright described his big ambitions for the company:

“This historic financing round is a vote of confidence… people believe in our ability to bring the next billion people to crypto, a waystation to our final destination: the moon.”