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MoonPay, which was founded in 2019, claims to have processed over $2 billion in transactions and has over 7 million users.
MoonPay, a cryptocurrency fintech startup, has concluded its first-ever venture funding round, with a post-money valuation of $3.4 billion.
The firm announced officially on Monday that it closed a $555 million Series A funding round led by prominent industry investors like American investment firm Tiger Global and tech-focused investment manager Coatue. Other participants included Blossom Capital, Thrive Capital, Paradigm and the New Enterprise Associates venture capital firm.
MoonPay has raised its first round of funding since its founding in 2019 by two young entrepreneurs, Ivan Soto-Wright and Victor Faramond. According to the company, it has processed over $2 billion in transactions and has over 7 million users.
The fintech company focuses on crypto payments infrastructure and facilitating crypto-to-fiat transfers for 30 fiat currencies and over 90 cryptocurrencies, including Bitcoin (BTC). MoonPay’s fiat-to-crypto on-ramp, according to the statement, supports over 250 crypto applications, websites, and wallets, including Bitcoin.com, in over 160 countries.
MoonPay offers a native nonfungible token (NFT) solution that allows users to buy and trade NFTs in addition to traditional crypto services. Post Malone endorsed MoonPay in a music video with The Weeknd last week by purchasing two Bored Ape Yacht Club NFTs on the exchange for a total of 160 ETH.
The firm plans to continue employing fresh personnel and extend its services globally with the new capital. MoonPay is pitching itself as the world’s “biggest provider of crypto payments infrastructure,” according to co-founder and CEO Soto-Wright.
MoonPay did not immediately react to a request for comment from Cointelegraph.