Moonpay Raises $555 Million in First Funding Round

Moonpay, a provider of cryptocurrency payments services, raised $555 million in its initial funding round. The series A round was led by Tiger Global Management and pushed the company’s valuation to $3.4 billion. This money will be used for expansion. Moonpay’s fiat-to crypto ramp is key to hundreds of wallets and services that allow users to onboard with fiat currency.

Moonpay Snags $3.4 Billion Valuation

Moonpay, a startup that processes payments to buy Cryptocurrencies, raised $555 million in its initial financing round. Coatue and Tiger Global Management led the Series A financing round, with participation from Paradigm Capital, Thrive Kapital, Blossom Capital and NEA. The company’s valuation reached $3.4B with this round.

Expansion Plans and Functionality

Moonpay plans to use these funds to expand its business, invest in developers and add new functions to its platform. Moonpay’s main focus is to provide customers with a range of tools. To provide fiat-on-ramping services on cryptocurrency exchanges or wallets, they must adhere to a number of rules including Know Your Customer (KYC), and Anti-Money Laundering(AML) regulations.

Moonpay claims it can take the stress out of this process by offering a third-party solution that allows companies to focus on their business while Moonpay takes care of KYC and payment processing, crypto liquidity, delivery, fraud prevention and regulatory licenses. It also handles custom checkout flows, ecosystem identity verification and regulatory licenses.

Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.