Launched in 2019, MoonPay claims to have processed over $2 billion worth of transactions and reached 7 million users to date.
Cryptocurrency fintech startup MoonPay completed its first-ever venture capital round, reaching a post-money valuation of $3.4 billion.
The company officially announced Monday that it had closed a $555 million Series A funding round led by high-profile industry investors including US investment firm Tiger Global and technology investment manager Koatu. Other contributors included Blossom Capital, Thrive Capital, Paradigm and venture capital firm New Enterprise Associates.
The capital raised is the first funding MoonPay has received since the company was founded in 2019 by two young entrepreneurs, Ivan Soto-Wright and Victor Faramond. The company claims to have processed over $2 billion worth of transactions and reached a customer base of over 7 million users.
The fintech company is dedicated to providing cryptocurrency payment infrastructure and enabling crypto-to-fiat transactions for 30 fiat currencies and over 90 cryptocurrencies such as Bitcoin (BTC). According to the announcement, MoonPay’s fiat-to-cryptocurrency exchange platform enables use by over 250 crypto apps, websites and wallets, including Bitcoin.com, in over 160 countries.
In addition to classic crypto services, MoonPay also offers its own non-fungible token (NFT) solution that allows users to buy and sell NFTs. Last week, rapper Post Malone promoted MoonPay in a music video with The Weeknd by buying two Bored Ape Yacht Club NFTs through the exchange for 160 ETH.
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With the new funding, the company expects to continue recruiting new talent and expanding its services globally. According to Soto-Wright, co-founder and CEO of MoonPay, the company is positioning itself as “the world’s largest cryptocurrency payment infrastructure provider.”
MoonPay did not immediately respond to Cointelegraph’s request for comment.