Cryptocurrency payments start-up Moonpay hits $3.4bn

Cryptocurrency payments start-up Moonpay has raised $555 million at a valuation of $3.4 billion.

MoonPay was founded in 2019 by Ivan Soto-Wright and Victor Faramond.

The company provides infrastructure that allows users to exchange traditional fiat currencies and cryptocurrencies using payment methods such as debit and credit cards, Apple Pay, Google Pay, and Samsung Pay.

The all-equity Series A funding round was led by US investment firm Tiger Global and institutional investor Coatue.

Other participants in the round included Blossom Capital, Thrive Capital, Paradigm, and New Enterprise Associates.

Moonpay said the capital will be used to make new hires, expand its geographical coverage, and add additional payment methods.

The company said its platform supports over 90 cryptocurrencies and over 30 fiat currencies, and that it has facilitated transactions in over 90 cryptocurrencies and built a userbase of over 7 million.

The new comes after Winklevoss twin-founded crypto exchange Gemini raised $400 million at a valuation of $7.1 billion last week.

Bitcoin is currently trading at a valuation of $57,000.

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