Moon Pay – a crypto and fintech firm – is only three years old and one of the newest players in the digital currency industry. However, the company is already valued at more than $3.4 billion thanks to its first ever funding round, which took place two Mondays ago.
Moon Pay Has Come a Long Way in a Short Time
During this round, the company managed to add more than half a billion to its overall market valuation. The event was led by Tiger Global. The company has been around since 2018 and was founded in Miami, FL. The company’s software allows users to both buy and sell digital currencies using standard payment tools including bank transfers, credit cards, and mobile wallets from companies like Apple and Google.
At first glance, it looks like Moon Pay is just your standard digital currency exchange. However, what seems to separate it from the competition is that it also sells its technology to other business ventures. Using Moon Pay software, many companies around the world have entered the crypto space to establish non-fungible tokens (NFTs) and other crypto applications that are used on a regular basis by fans everywhere.
Some of the most well-known digital currency companies running on Moon Pay technology include the website Bitcoin.com and Open Sea, a firm known primarily for selling NFTs and blockchain collectibles.
CEO Ivan Soto-Wright explained in a recent interview:
With the blockchain and cryptocurrencies, I think right now we are still in the dial-up days. 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.
Venture startup capital investing in new digital currency businesses appears to be shooting through the roof as of late given that many mainstream assets – from bitcoin to Ethereum to Solana – are hitting new all-time highs. Moon Pay says it can offer many of these firms a “gateway” to this growing space by helping them allocate assets and try things out without being exposed to too much risk.
Soto-Wright wants Moon Pay to be the PayPal of the crypto space. To do this, he wants the company to offer just about every digital currency tool out there, from tokenized stocks to digital fashion. He says:
People are calling us similar to PayPal, but for crypto.
Preparing for the Worst?
Despite the success of the industry, Moon Pay is prepared for what it believes will be a downward spiral given that assets have hit their highs and are now beginning to die down. Soto-Wright says:
In the same way that telecoms got disrupted by voice over IP (internet protocol), we think, over time, financial services and all these different applications will be disrupted by the blockchain. There’s obviously going to be volatility as the market is trying to discover what assets and what blockchains are going to get adopted.