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The VC funding, led by Tiger Global Management and Coatue Management, will inject $400 million into the bootstrapped company.
MoonPay, a fintech startup dedicated to developing crypto payments infrastructure, is expected to be valued at $3.4 billion following its first round of venture capital funding.
The VC funding for the crypto payments startup is being co-led by Tiger Global Management and Coatue Management and will inject funds worth $400 million into the bootstrapped company. The MoonPay platform allows the purchase and sale of cryptocurrencies and digital assets using mainstream payment methods such as debit and credit card and local bank transfers.
While the funding information is not officially announced, a report from The Information suggests that “two people familiar with the matter” have confirmed the development. Once confirmed, MoonPay will represent a small demographic of crypto-related startups to reach unicorn-level valuation within three years.
Tiger Global and Coatue Management have previously collaborated to fund a number of mid-sized blockchain, decentralised finance (DeFi), and cryptocurrency startups. CertiK, a blockchain security firm, received a $24 million investment from them.
MoonPay has declined to comment on the news.
According to a report published on September 22nd, there is a growing trend in blockchain and cryptocurrency investments as venture capitalists prioritise emerging technology.
Furthermore, according to the Global Startup Ecosystem Report 2021, the blockchain industry has grown by 121 percent in the last five years, making it the second-fastest-growing sub-sector in terms of early-stage funding after the advanced manufacturing and robotics industries.
Furthermore, crypto firms received more funding in the first quarter of 2021 than they did in the entire year of 2020. In an interview with Cointelegraph, Jehan Chu, founder of Hong Kong-based VC investment firm Kenetic, stated that “peer pressure from the likes of Michael Saylor, Elon Musk, and the stampede of institutional money charging into the market is more compelling than anything.” VCs must have a position or a view on crypto, or risk missing the biggest market opportunity in a generation.”