Dozens of VIP backers make investments $87M into crypto cost startup MoonPay

In November 2021, MoonPay introduced a $555 million Collection A financing spherical that introduced the crypto cost platform’s valuation to $3.4 billion. On Wednesday, the fintech firm revealed that $87 million of the full $555 million got here collectively from greater than 60 public figures and celebrities within the music, sports activities, media and leisure industries. 

Whereas the Collection A spherical was led by corporations like Tiger International Administration and Coatue with participation from Blossom Capital, Thrive Capital, Paradigm and NEA, the next family names are additionally thought of strategic buyers: Gwyneth Paltrow, Maria Sharapova, Eva Longoria, Gal Gadot, Matthew McConaughey and Bruce Willis. Different “business VIPs” like Ashton Kutcher, Justin Bieber, Snoop Dogg, Paris Hilton and Steve Aoki are all already deeply involved within the crypto and nonfungible token (NFT) space. 

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

The company shared that this funding and the continued support from investors will enable it to accelerate its international expansion, grow the team and bring in new partners. MoonPay’s longterm mission is to increase cryptocurrency access to the next 1 billion people by 2030.

MoonPay is finest identified for letting customers buy cryptocurrencies and NFTs with a credit score or debit card, financial institution transfers or cellular wallets on Apple Pay and Google Pay. The investments have allowed the fintech startup to develop new merchandise like NFT Checkout and MoonPay Concierge, a referral-based service for high-net-worth people that purchases crypto and NFTs on their behalf for a payment. For instance, when actress Gwyneth Paltrow wished a Bored Ape Yacht Membership (BAYC) NFT she went to MoonPay after which thanked the corporate by way of Twitter.

Paltrow, who can be the co-founder of Kinship Ventures, mentioned in a press release that “Web3 is inspiring the leisure business, and commerce usually, to reimagine the way in which we create neighborhood, join with followers, construct worth and handle mental property.”

Rapper Submit Malone even promoted MoonPay in his music video for “One Proper Nowwith The Weeknd by buying a BAYC NFT by way of the app onscreen. Along with the music video, Malone recorded his buy of two Bored Apes for a mixed 160 Ether (ETH), value roughly $682,000, in TikTok movies sponsored by MoonPay.

Other than actors and artists, athletes like Paul George, a seven-time NBA All Star and Olympic Gold Medalist, acknowledged that “Crypto and NFTs will probably be key to maximizing the enterprise {of professional} sports activities as we glance forward.”

Associated: Excessive-profile athletes are spending large quantities on NFTs: Here is why

When requested how MoonPay plans to onboard the world to Web3, MoonPay’s head of communications Justin Hamilton instructed Cointelegraph that the corporate is “Laser-focused on serving to foster a wholesome ecosystem of companions with dependable cost infrastructure.” He added that one of the best ways to foster adoption is by “Empowering creators to personal their IP and have higher management on their inventive output and monetary help.” 

To this point, 10 million prospects throughout 160 nations have processed near $3 billion in transactions by way of MoonPay by greater than 250 accomplice websites, together with and OpenSea, in line with the corporate.