Snoop Dogg, Drake, and Justin Bieber are just some of the celebrities as of late to pour millions of dollars into crypto trading companies such as Moon Pay. The number of celebs getting involved in the digital currency space has been increasing heavily ever since Matt Damon first appeared in a Crypto.com ad about trading and “being brave.”
Moon Pay Is a Billion-Dollar Company
Moon Pay is based in Miami, Florida, which has become a massive crypto haven thanks to the bitcoin-loving attitude of its mayor Francis Suarez. Suarez became one of the first politicians in recent months to accept a bitcoin-based salary for his work in running the city.
Overall, Moon Pay has garnered more than $87 million at the time of writing from stars and high-profile individuals such as the musicians above. Prior to this $87 million, the company got its hands on $555 million through a separate funding round, meaning that Moon Pay is presently valued at more than $3.4 billion. It is now one of the most valuable crypto companies in the United States.
Ivan Soto-Wright – CEO and co-founder of the firm – explained that Hollywood actors and other individuals involved in the entertainment industry are now looking at blockchain technology to affirm their rights in their industry and garner additional royalties from their work. He stated in an interview:
Hollywood is using smart contracts and blockchain technology to assert their creative intellectual property rights. Major global sports franchises have used digital tokens and NFT collectibles to transform fan engagement, and recording artists are beginning to explore how NFTs can give them more control over royalty rights. These are the underpinnings of a creator economy renaissance.
Moon Pay claims to have more than ten million customers across the globe. Most of them use the platform to get their hands on crypto assets for payment purposes and invest, though Moon Pay can also be used to purchase non-fungible tokens (NFTs), which have been ringing bells for many celebrities including Gwyneth Paltrow from “Iron Man” and “Shakespeare in Love.”
Not long ago, the Oscar winner purchased several Bored Ape Yacht Club tokens through Moon Pay. In addition, she took part in the company’s latest funding round, claiming that Moon Pay was likely to break down walls barring her and many other individuals from entering the crypto space.
Breaking Down the Barriers
In an interview, Paltrow said:
Web3 is inspiring the entertainment industry and commerce in general to reimagine the way we create communities, connect with fans, build value, and manage intellectual property. We are excited to invest in Moon Pay because we believe their technology is best positioned to make participating in cryptocurrency more accessible.
The latest funding round saw funds coming from roughly 60 celebrities ranging from musicians to actors to sports players.