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Crypto payments startup MoonPay is expected to reach a valuation of $ 3.4 billion after its first round of funding, reports The Information.
Tiger Global Management and Coatue Management co-led the $ 400 million funding round. The company valuation is unusually high for a three-year-old startup.
MoonPay allows people to use credit cards when purchasing crypto or other digital assets in markets such as OpenSea, Bitcoin.com, Abra, ZenGo, Spot, and Trust Wallet. The startup, launched in 2019, has more than five million users and supports more than 80 digital assets.
Lately, companies such as Coatue and Tiger Global have been drawn to midsize, revenue-generating crypto firms to gain exposure in the industry, according to The Block Research analysis.
Prior to investing in MoonPay, Tiger Global supported open banking startup TrueLayer and neobroker Public.com.Coatue invested $ 305 million in Dapper Labs, creator of the Flow blockchain in March of this year, in addition to investing $ 80 million in NFT and DeFi development platform. Alchemy in April.
Last month, MoonPay partnered with crypto wallet provider Blocto to provide an access ramp to the Flow blockchain and easier access to NFT markets.
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