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MoonPay
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MoonPay
MoonPay is a financial technology company that provides infrastructure for cryptocurrency and Web3 payments, allowing users to buy, sell, and manage digital assets. It offers solutions for on-ramps (fiat-to-crypto), off-ramps (crypto-to-fiat), token swaps, and NFT checkout. [1] [2]
History
2019-2021
MoonPay was founded in 2019 by business partners Victor Faramond, Maximilian Crown and Ivan Soto-Wright, the latter of whom became CEO with the goal of enabling anyone to buy cryptocurrency using a credit card. With headquarters in Miami, the company initially had a team of five people. [1]
MoonPay began as a crypto payment exchange, letting users purchase crypto with traditional fiat currency and then store those assets in their own wallets. MoonPay also built crypto-payment infrastructures for websites. [9]
By 2021, MoonPay had "processed $2 billion worth of crypto transactions" since its founding. It also converted "all major payment methods" into crypto, including credit cards and Apple Pay.
The software was integrated into major crypto exchanges such as OpenSea and Bitcoin.com.
In its first financing round, MoonPay raised US $555 million in November 2021 in an investment led by Tiger Global Management and Coatue Management. Others investors included Blossom Capital, NEA, Thrive Capital, and Paradigm Operations. The deal valued MoonPay at $3.4 billion. [9]
2022
By early 2022, MoonPay was positioning itself as the leading crypto payments infrastructure provider, according to South Florida Business Journal. That same month, it launched a first-of-its-kind feature allowing users to buy NFTs directly through marketplaces using MoonPay, eliminating the complicated process of setting up wallets and buying crypto separately. The update was praised by Billboard as “first-to-market technology.” Celebrities like Paris Hilton and Jimmy Fallon endorsed it on The Tonight Show. [10]
MoonPay also made headlines by purchasing NFTs directly from auction houses, including a rare World of Women NFT for $754,340 at Christie’s. [11]
By March 2022, MoonPay was integrated into 250+ wallets, websites, and apps across 160 countries. Following the Russian invasion of Ukraine, it stopped supporting accounts in Russia, Ukraine, and Belarus. Around this time, it brought on James Freis, former FinCEN director and Wirecard whistleblower, as a regulatory adviser. [12]
In April 2022, MoonPay raised $87 million from 60+ celebrity investors (including The Chainsmokers) and revealed it had been profitable since launch, serving over 10 million users. It was ranked #44 on CNBC’s 2022 Disruptor 50 list and later that summer, announced an NFT checkout partnership with MasterCard. [13]
In June 2022, MoonPay launched HyperMint, an NFT minting platform aimed at giving creators more control compared to centralized platforms like OpenSea. It partnered with Universal Pictures, Fox, Death Row Records, and Creative Artists Agency. Snoop Dogg used it to launch a token-gated merch store, and FaZe Clan joined as a partner in July. [14]
However, the crypto and NFT market faced a sharp downturn by late 2022. One major investor, Tiger Global, cut MoonPay’s internal valuation to $2.8B.
In December 2022, MoonPay and Yuga Labs were hit with a class-action lawsuit alleging they used celebrity endorsements to artificially inflate NFT prices without proper disclosure. MoonPay denied wrongdoing, saying disclosures were made and looked forward to dismissal. [15]
In early 2023, Keith Grossman, former president of TIME, joined MoonPay as President of Enterprise, bringing his experience with TIMEPieces, the magazine’s NFT collection. [15]
Overview
The company provides checkout experiences for various crypto wallets and applications, supporting payment methods like Apple Pay, Google Pay, PayPal, and Venmo [1]. MoonPay aims to simplify access to cryptocurrency and facilitate its integration into the financial system [1].
MoonPay provides a suite of APIs and SDKs designed for Web3 integrations, specializing in on-ramps, off-ramps, token swaps, and digital collectible management [2]. The platform supports multiple Web3 use cases, offering a streamlined experience for users at every step [2].
MoonPay's solutions cater to the evolving needs of the Web3 landscape, providing tools for developers interested in leveraging Web3 authentication and blockchain technology. [7]
MoonPay reports that over 30 million people worldwide use its platform to access cryptocurrency, and more than 300 platforms utilize its infrastructure to onboard users [1]. The company operates in over 180 countries and supports transactions with over 50 tokens [1]. MoonPay has processed over $9 billion in transaction volume [1].
Key Features
- On-Ramps: Allows users to buy crypto with fiat currencies within apps or websites using local payment methods [3].
- Off-Ramps: Enables users to sell crypto for fiat currency, increasing revenue and reducing customer attrition [4].
- Swaps: Facilitates cross-chain crypto swaps with low fees [5].
- Checkout: Allows users to purchase NFTs with debit or credit cards on over 40 blockchains [6].
Products
MoonPay offers a range of products designed to facilitate cryptocurrency and Web3 transactions [2]. These include:
- On-Ramps: Enables users to buy crypto with fiat currency [2].
- Off-Ramps: Enables users to sell crypto for fiat currency [2].
- Swaps: Enables users to swap one crypto for another [2].
- Checkout: Enables users to buy NFTs with fiat (credit/debit card) [2].
- Minting: Enables users to create their NFT collections [2].
Partnerships
MoonPay has established partnerships with various companies and platforms in the cryptocurrency and Web3 space [2]. These partners include:
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