The crypto mania shows no sign of slowing down. Tapping in on the cryptocurrency craze is fintech firm MoonPay that recently concluded it’s first-ever fund raising round led by Tiger Global and Coatue.
The firm raised $555 million at a valuation of $3.4 billion. What a deal!
2021 has seen the highest fund raising done by crypto start-ups in any given year. Ranging from currency exchange Gemini, founded by Winklevoss Twins, to ConsenSys founded by Ethereum blockchain’s Joseph, a record number of start-ups have succeeded in raising money from investors.
‘Dial-Up Days For Cryptocurrencies’
MoonPay co-founder Soto-Wright expressed gratitude and excitement over his company’s latest valuation and successful fund raising round.
“With the blockchain and cryptocurrencies, I think right now we are still in the dial-up days,” he told CNBC in an interview.
“Eventually we will get to this place where it’s frictionless to move any amount of value around anywhere in the world, and costs move as close as possible to zero.”
MoonPay Profitability
MoonPay helps the world in buying cryptocurrencies using conventional modes of payments like credit card, bank account, or wallets like Apple Pay and G-Pay.
The crypto community have begun labelling MoonPay as the ‘Paypal, but for Crypto’. The quick adoption of its services has seen the company be profitable right off the gate in 2019. Compared to 2020, the volume of transactions have grown multi-fold this year that have enabled MoonPay to hit $150 million in revenue this year.
Soto-Wright said “We believe the future of crypto is about customers taking possession of their private keys,” passwords that grant people access to their funds”.
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