Dozens of VIP backers invest $87M into crypto payment startup MoonPay

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Dozens of VIP backers invest $87M into crypto payment startup MoonPay
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In November 2021, MoonPay announced a $555 million Series A funding round, bringing the crypto payments platform’s valuation to $3.4 billion. On Wednesday, the fintech company revealed that $87 million of the $555 million total came from more than 60 public figures and celebrities in the music, sports, media and entertainment industries.

While the Series A was led by the likes of Tiger Global Management and Coatue, with participation from Blossom Capital, Thrive Capital, Paradigm and NEA, the following household names are also considered strategic investors: Gwyneth Paltrow, Maria Sharapova, Eva Longoria, Gal Gadot, Matthew McConaughey and Bruce Willis. Other “industry VIPs” such as Ashton Kutcher, Justin Bieber, Snoop Dogg, Paris Hilton and Steve Aoki are already deeply involved in the crypto and non-fungible token (NFT) space.

Related: Snoop Dogg may be the face of Web3 and NFTs, but what does it mean for the industry?

The company said the funding and continued support from investors will allow it to accelerate its international expansion, grow its team and bring in new partners. MoonPay’s long-term mission is to increase cryptocurrency access to the next billion people by 2030.

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MoonPay is known for allowing users to buy cryptocurrencies and NFTs on Apple Pay and Google Pay using credit or debit cards, bank transfers or mobile wallets. The investments have enabled the fintech startup to develop new products such as NFT Checkout and MoonPay Concierge, a referral-based service for high-net-worth individuals who pay to buy cryptocurrencies and NFTs on their behalf. For example, when actress Gwyneth Paltrow wanted a Boring Ape Yacht Club (BAYC) NFT, she went to MoonPay and then thanked the company via Twitter.

Paltrow, who is also the co-founder of Kinship Ventures, said in a statement: “Web3 is inspiring the entertainment industry and commerce in general to reimagine the way we create communities, connect with fans, build value and manage intellectual property. “

Rapper Post Malone even purchased BAYC NFTs through an on-screen app, promoting MoonPay in his “One Right Now” music video with The Weeknd. In addition to the music video, Malone recorded two Boring Apes he bought for 160 ether (ETH), worth about $682,000, in a MoonPay-sponsored TikTok video.

In addition to actors and artists, athletes such as seven-time NBA All-Star and Olympic gold medalist Paul George recognize that “cryptocurrencies and NFTs will be key to maximizing the business of professional sports as we look to the future.”

RELATED: Well-known Athletes Spend Huge Money on NFTs: Here’s Why

When asked how MoonPay plans to bring the world to Web3, MoonPay’s head of communications, Justin Hamilton, told Cointelegraph that the company is “focused on helping to build a healthy partner ecosystem through a reliable payments infrastructure.” The best way to boost adoption, he added, is to “enable creators to own their intellectual property and have more control over their creative output and financial support.”

To date, 10 million customers in 160 countries have processed nearly $3 billion in transactions through MoonPay through more than 250 partner sites, including Bitcoin.com and OpenSea, according to the company.





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