Moonpay

MoonPay is a financial technology company that builds payments infrastructure for crypto. Its on-and-off-ramp suite of products provides a seamless experience for conversion between fiat currencies and cryptocurrencies using major payment methods including debit and credit card- local bank transfers- Apple Pay- Google Pay- and Samsung Pay. MoonPay is active in more than 160 countries and is trusted by 300+ leading wallets- websites- and applications to accept payments.

Per the company's official LinkedIn account- "Our vision? To unlock digital ownership for everyone. We are onboarding the world to Web3, where people can own and control their digital identity- data- property- money. MoonPay is the world's leading Web3 infrastructure company. We provide end-to-end solutions for payments, enterprise-scale smart contract development and digital asset management. Many of the world's most iconic brands rely on MoonPay to power their Web3 strategies and ideas."

MoonPay was founded in 2019 by Ivan Soto-Wright and Victor Faramond. Soto-Wright started his career in institutional finance before founding AI fintech company Saveable in 2015 intended to help users grow their wealth. He connected with Faramond during a joint project at Hodl.vc where he was Founder and General Partner and the latter was Head of Engineering. 

Soto-Wright came up with the idea for MoonPay in 2018 after realising that there was no way available to directly buy or sell cryptocurrencies without using an intermediary. Recognising this need-gap as an opportunity Soto-Wright and Faramond got in touch with Bitcoin.com which enabled users to buy bitcoin directly on its website. Soto-Wright and Faramond began building an API for BItcoin.com before realisation dawned that every web3 wallet would need the same in-app functionality. From there.. Soto-Wright and Faramond created a software solution with a single goal in mind: to accelerate the usage of cryptocurrencies using a secure easy-to-use software solution. 

The methodology is simple. In a traditional exchange users would first have to buy a wallet- add cryptocurrency and only then  complete the transaction: a simple but time-consuming task. The procedure is simpler using MoonPay which offers software that enables users to purchase and trade cryptocurrencies using standard payment methods including credit cards- bank transfers- or mobile wallets like Apple Pay and Google Pay. "We've tried to make it as similar a process as you would be interacting with your private bank" Ivan Soto-Wright- CEO- MoonPay explains to StartUp Talky. "You basically generate an invoice, you wire money for that invoice and then we settle the transaction."

There are three core features of the product: taking care go the complex KYC to provide an easier onboarding experience.. connecting to a variety of payment methods with the lowest rates.. and delivering customers' crypto assets directly into their wallets. Users of MoonPay have the flexibility to complete their transactions through all major payment methods including Visa, Mastercard, Apple Pay, Google Pay, Wire Transfers, Open Banking and ACH.

By November 2021 MoonPay completed its Series A investment round with a reported valuation of $3.4 billion. Per CNBC: "MoonPay- a relative newcomer- is taking the crypto mania in venture capital to new heights. The three-year-old fintech firm… has raised $555 million in its first-ever financing round. The investment led by Tiger Global and Coatue values the company at $3.4 billion."

The firm is using this financing to continue international expansion and maintain its extraordinary growth trajectory. MoonPay has also received regulatory approval from the UK in the form of a Financial Conduct Authority registration as of early 2023. The platform claims to have delivered more than $2 billlion in crypto assets and has over five million customers who use one of several products which enable users to buy and sell crypto or purchase NFTs.

MoonPay's mission has been clear from its launch date: provide people access to cryptocurrency which the core team believes will democratise finance.

MoonPay's vision centers around making the world of cryptocurrencies and blockchain technology more accessible, user-friendly and efficient for both individual users and enterprises. The Web3 infrastructure company's core team brings this unified vision to life through three key objectives: 1. seamless cryptocurrency adoption to streamline the process of buying- trading- and utilizing digital assets. 2. MoonPay aspires to empower enterprises through the implementation of smart contracts across business applications leading to improved efficiency and transparency. 3. Simplifying the management of digital assets including delivering secure storage solutions and potentially offering opportunities for cryptocurrency trading and investment.

MoonPay is a leading Web3 infrastructure company that provides end-to-end solutions for payments, enterprise-scale smart contract development and digital asset management. This involves facilitating cryptocurrency purchases or transactions which allows users to acquire trade digital assets. MoonPay assists enterprises in creating and implementing smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller directly written into the code. Lastly MoonPay helps manage digital assets. This could involve storing- securing- and trading or investing in digital assets like cryptocurrencies.