Moonpay raised $555 million in its first round of financing – Bitcoin News

Moonpay, a cryptocurrency payment service provider, raised US$555 million in the first round of financing. This round of A round of financing was led by Tiger Global Management. The company is valued at US$3.4 billion and will be used for expansion. The legal currency to cryptocurrency ramp provided by Moonpay is the key to hundreds of wallets and services that allow users to use legal currency.

Moonpay is valued at US$3.4 billion

Moonpay is a startup company that specializes in processing payments for purchasing cryptocurrencies. improve The first round of financing was US$555 million. The A round of financing was led by Tiger Global Management and Coatue, followed by Blossom Capital, Thrive Capital, Paradigm and NEA. After this round of financing, the company’s valuation reached US$3.4 billion.

John Curtius, partner of Tiger Global, said:

During our due diligence, we talked to many of the company’s customers, who emphasized Moonpay’s compelling user experience and expressed confidence in the company’s market leadership. Moonpay has become an iconic company because it can better engage the world in the crypto economy.

Expansion plans and functions

According to reports, with these funds, Moonpay will begin the expansion phase, invest in more developers for its team, and plans to add more features to its platform. The company’s focus is to provide customers with a set of tools. For cryptocurrency exchanges and wallets to provide fiat currency acceleration services, they must comply with a series of rules, including Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Moonpay claims to help eliminate the hassle of this process by providing third-party solutions, so the company can handle KYC, payment processing, cryptocurrency liquidity and delivery, fraud prevention, regulatory permission, ecosystem authentication, and custom checkout processes. .

Matt Huang, co-founder of Paradigm, said:

Encryption is growing rapidly, but to attract the next billion people, more accessible services are needed. MoonPay has established a simple and safe way for people around the world to participate in this new economy.

What do you think of Moonpay’s first round of financing? Tell us in the comments section below.

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