Crypto startup MoonPay raises $ 555 million to reach $ 3.4 billion valuation

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Cryptocurrency fintech startup MoonPay has closed its very first round of venture capital, reaching $ 3.4 billion in post-currency valuation.

The company officially announced on Monday that it has closed a $ 555 million Series A funding round led by prominent industry investors like U.S. investment firm Tiger Global and technology-focused investment manager Coatue. Other attendees included Blossom Capital, Thrive Capital, Paradigm and venture capital firm New Enterprise Associates.

The raised capital is the first financing obtained by MoonPay in 2.5 years since the creation of the company in 2019 by two young entrepreneurs, Ivan Soto-Wright and Victor Faramond. The company claims to have processed over $ 2 billion in transactions and reached a customer base of over 7 million users.

The fintech company is focused on providing a payment infrastructure for crypto, enabling crypto-fiat transactions for 30 fiat currencies and over 90 cryptocurrencies like Bitcoin (BTC). According to the announcement, MoonPay’s fiat-to-crypto ramp enables more than 250 crypto apps, websites and wallets, including Bitcoin.com, spanning more than 160 countries.

In addition to offering traditional crypto services, MoonPay also provides a native non-fungible (NFT) token solution that allows users to buy and sell NFTs. Last week, rapper Post Malone promoted MoonPay in a clip with The Weeknd by purchasing two NFT Bored Ape Yacht Club for a total of 160 ETH through the exchange.

Related: TradingView Completes New Funding Round With $ 3 Billion Valuation

With this new funding, the company plans to expand its services worldwide and continue to hire new talent. According to MoonPay co-founder and CEO Soto-Wright, the company is positioned as the world’s largest provider of crypto payment infrastructure.

MoonPay did not immediately respond to Cointelegraphs request for comment.

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