Thursday, May 26, 2022
HomeMoneyCryptoBrand New Crypto Start-Up Hits 3.4 Billion

Brand New Crypto Start-Up Hits 3.4 Billion

Brand new crypto start-up MoonPay hits the $3.4 billion valuation mark. The firm which is new to the market was started in 2018 by Ivan Soto-Wright. The software allows users to buy and sell cryptocurrencies using credit cards.

Pointers on brand new crypto start-up.

  • Moonpay was founded in 2018 by Ivan Soto-Wright
  • The brand new cryto start-up hit valuation of $3.4 billion
  • It was able to raise $555 million in its first-ever financing round.
  • MoonPay allows users buy crypto currencies with credit cards.

The brand new crypto start-up was able to secure $555 million in its first-ever financing round. This was led by Coatue and Tiger global. This comes after various crypto has recorded increased interest from investors.

Bitcoin has been one of the earliest supporters of MoonPay.In an interview with CNBC, co-founder Solo-Wright mentioned companies it has partnered with.

See also: Twitter Is Now Working to Create a Crypto Team

MoonPay works with bitcoin.org,bitcoin.com and googles platforms such as Openness. It also works with apps to simplify users’ journeys. In addition to that, it makes Web3 more accessible to users.

The newcomer lets users buy and sell cryptocurrencies through credit cards, bank transfers, and mobile wallets. It also seeks to make crypto accessible to all people.

”Eventually, we will get to this place where its frictionless to move any amount of value around anywhere in the world and costs move close as possible to zero” read a statement from Solo-Wright.

The firm seeks to:

  • Hire more people
  • Expand geographical coverage
  • Enhance payment methods.

Read also: Will Banks Embrace Crypto as an Asset

The co-founder said it had a vision to recruit one billion people by 2030. In addition, it plans to use series A funds to add the number of staff and payment methods. This will expand its influence in the world.

The firm has processed close to 2 billion transactions since it started functioning in 2018. Moreover, it seeks to streamline the NFT process by enhancing the checkout process.

The firm is set to hit a revenue mark of$150 by the end of the year with close to 7 million customers. The brand new crypto start-up hitting the $3.4 billion mark is a plus to the crypto world.

Raveena
Raveena is an online content writer eager to inform, inspire and teach.
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