The company intends to use the funding to advance its global footprint, invest in its workforce, and support innovations in the crypto economy
MoonPay, a payments infrastructure provider for cryptocurrencies, has closed $555m in a Series A financing round that values the company at $3.4bn.
Led by Tiger Global Management and Coatue, the financing round has also seen participation from Blossom Capital, Thrive Capital, Paradigm, and NEA.
The crypto-payments company intends to use the funding to advance its global footprint, invest in its workforce, and support innovations in the crypto economy.
MoonPay co-founder and CEO Ivan Soto-Wright said: “MoonPay is the world’s largest provider of crypto payments infrastructure that enables any organization to bridge traditional finance and crypto.
“We set out to democratize access to the crypto economy by providing the tools for businesses to onboard new users with magical product experiences.
“We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond.”
According to the company, crypto is still in its early stages, and its adoption is rapidly advancing, where traditional businesses are realising its potential.
Developing an in-house compliance and payments technology for crypto is costly, complex, and requires years of work, which delays their time to market.
MoonPay offers KYC, payment processing, crypto liquidity and delivery, fraud prevention, regulatory licenses, ecosystem identity verification, and custom checkout services.
Its services are said to address challenges including regulatory and compliance hold-ups, fraud concerns among traditional payment providers, and custody requirements for its partners.
Also, the company helps consumers establish an identity that can be used across its entire ecosystem eliminating the need to repeat the onboarding process.
Apart from crypto, it also provides a non-fungible token (NFT) solution that has been gaining popularity and has seen high growth recently.
MoonPay claimed that it serves cryptocurrency, digital asset and blockchain technology companies, where Bitcoin.com selected the company to scale its revenue by 500%.
Also, its fiat-to-crypto on-ramp supports more than 250 wallets, websites and applications across 160 countries and has processed transactions worth more than $2bn to date.