Cryptocurrency companies have seen record funding this year, and it’s no surprise that some of the biggest companies in the field — from Winklevoss twins crypto exchange Gemini to Ethereum co-founder Joseph Lubin’s blockchain startup ConsenSys — have seen record funding has announced massive financing deals over the past week.
Relatively new to the field, MoonPay has taken crypto venture capital enthusiasm to record levels, and the three-year-old fintech company says it has raised $555 million in its first-ever funding round, and the investment, led by Tiger Global and Coat, raised its valuation to $3.4 billion.
MoonPay, founded in 2018, allows buying and selling cryptocurrency using traditional payment methods such as credit cards, bank transfers or mobile e-wallets such as Apple Pay and Google Pay accounts, and the company sells its technology to other business ventures as well, including cryptocurrency website Bitcoin.com and the non-fungible token market (NFT) OpenSea, a business model that CEO Evan Soto-Wright calls a “crypto service.”.
Soto-Wright stated that the company aims to make cryptocurrencies available to everyone in the same way that making online communications is made easy via video conferencing software such as Zoom.
After the price of Bitcoin and other cryptocurrencies recently hit record highs, to read more [BTC is Close to $60K, and AVAX to Replace DOGE as Top 10], venture capital investment in startups operating the market has boomed.
MoonPay stated that it has started making profits since launching its platform in 2019, and is on its way to collecting $150 million in annual revenue this year after trading volumes skyrocketed, 35 times more than they were in 2020, and MoonPay has a user base of over 7 million users.