Moonpay Gets $555 Million Usd Funding

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Moonpay Gets $555 Million Usd Funding

MoonPay Gets $555 Million USD Funding

MoonPay is all set to expand its global footprint as well as hire new talent. It is a crypto payments infrastructure provider focused on making cryptocurrencies accessible to everyone. It acts as a marketplace between users and cryptocurrency exchanges enabling instant non-custodial purchases of major cryptocurrencies.

Lately, MoonPay has been backed by a $555 million Series A funding that was led by Coatue and Tiger Global Management. The first round was also joined by NEA, Paradigm, Thrive Capital and Blossom Capital. The proceeds will be used in the global expansion of the company.

Some of the important features provided by MoonPay include liquidity and delivery, payment processing, regulatory licenses, fraud prevention, custom checkout flows and ecosystem identity verification.

MoonPay was founded in 2018 and it powers over 250 wallets, applications and websites with its fiat-to-crypto on-ramp feature in more than 160 countries. Within the short span of time, it has processed over $2 billion in transactions.

It has stepped into NFTs too and marketplaces like OpenSea trust for providing a simple, safe and fast way to trade digital assets to users.

CEO Ivan Soto-Wright said the primary focus of MoonPay is to provide democratized access to the crypto economy with the help of tools for businesses and the main mission is to help everyone gain access to trillions of dollars of digital value in the years to come.

MoonPay supports a plethora of cryptocurrencies including Binance Coin, Bitcoin, Bitcoin Cash, Cardano, Dash, Ethereum, Litecoin, Stellar, Tether, TrueUSD, XRP, Zcash and Ox.

Even though the marketplace is offering services in about 160 countries, some of the important countries left out are Albania, Bangladesh, Bolivia, China, Ghana, Iceland, Iran, Mauritius, Myanmar, North Korea, Panama, Pakistan, South Sudan, Venezuela, Zimbabwe and Yemen.

Meanwhile, MoonPay has started facilitating credit card checkout for NFT purchases that are considered as a plug-and-play solution for creators and brands to give users a faster and simpler way to trade NFTs in minutes. The approval rate at the checkout is higher compared to standard crypto-on-ramps.

According to Ivan, they have simplified cryptocurrency transactions and NFTs are their next step even though the NFT market is limited to far fewer people who own cryptocurrency. The revamped checkout has opened the door to millions more.

Earlier, people used to buy cryptocurrency before purchasing an NFT. The process was slightly cumbersome, confusing and time-consuming. These issues have now been solved. The verification process has now been simplified.

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