Cryptocurrency fintech startup MoonPay has completed its first round of venture capital, reaching $ 3.4 billion after receiving the money.
On Monday, the company officially announced the completion of a $ 555 million Series A financing round led by notable industrial investors such as US-based investment firm Tiger Global and technology investment chief Cotwe. Other contributors include 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, Evan Soto-Wright and Victor Faramond. The company claims to have processed over $ 2 billion in transactions and reached a customer base of over 7 million users.
A fintech company is focused on providing a payment infrastructure for cryptocurrencies and offering cryptocurrency transactions with 30 fiat currencies and over 90 cryptocurrencies such as Bitcoin (BTC). According to the announcement, MoonPay’s fiat-to-cryptocurrency conversion software enables the use of over 250 cryptocurrencies, websites and wallets, including Bitcoin.com, which spans 160 countries.
In addition to offering classic crypto services, MoonPay also offers a non-fungible token (NFT) solution that allows users to buy and sell NFTs. Last week, rapper Post Malone promoted MoonPay in a music video for The Weeknd, and bought two NFTs from the Bored Ape Yacht Club on the stock exchange for 160 ETH.
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With the new financing, the company plans to continue to attract new talent and expand its services around the world. According to Soto Wright, co-founder and CEO of MoonPay, the company positions itself as “the largest provider of crypto payment infrastructure in the world.”
MoonPay did not immediately respond to Cointelegraph’s request for comment.