Justin Bieber, Gwyneth Paltrow, Snoop Dogg and Ashton Kutcher are some of the 60 new investors who just backed fintech startup MoonPay with $87 million in new funding, bringing the company’s valuation to $3.4 billion.
And they are not the only celebrities who have invested in the company, as the list is completed with The Chainsmokers, Drake, Eva Longoria, Jason Derulo, Kate Hudson, Paris Hilton, Matthew McConaughey, Mindy Kaling, Questlove and Shawn Mendes.
The company, founded in 2018, has already raised a $555 million round of funding under Tiger Global and Coatue.
What does MoonPay do?
The company’s software allows users to buy and sell cryptocurrencies using conventional payment methods such as credit cards, bank transfers and mobile wallets like Apple Pay and Google Pay.
MoonPay also sells its technology to other companies, such as the Bitcoin.com website and the marketplace for NFTs OpenSea.
How did MoonPay attract all these celebrities?
As the company’s CEO, Ivan Soto-Wright, explains, many artists don’t always want to be on tour, but seek to diversify their business interests and investments.
“Many of them [celebrities] have venture capital portfolios, many of them have their own independent ventures and we came to them saying ‘we can help you understand the opportunities of Web3, crypto and the metaverse’. Not one of them turned us down. They all wanted to be part of it,”
Ivan Soto-Wright.
In practice, through NFTs and blockchain technology, film, music, fashion, gaming, etc. creators can secure funding, control their copyrights and sell their works directly to consumers without the need for intermediaries.
MoonPay has been profitable since 2019, when it launched its platform, and now has over 10 million customers in 160 countries. Its ambition is to go public, and it describes what it does as PayPal for the crypto economy.
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