Justin Beiber and Gwyneth Paltrow Invest in Crypto Startup, MoonPay as the Firm Raises $87million
April 15, 2022 10:00 GMT
Technology News Team
What is Moonpay?
MoonPay is a financial technology startup that develops payment infrastructure for cryptocurrency. Its on-and-off-ramp collection of products provides a consistent user experience. Using all main payment methods, you can change between fiat currency and cryptocurrencies.
As of November 2021, MoonPay was valued at a little over three billion dollars, purely because of its economic strength to democratise cryptocurrency purchases for retail investors and its ties with worldwide celebrity startup investors. Organized and spearheaded by Ivan Soto-Wright, MoonPay as it is, is created to implement the purchase of cryptocurrencies with web companies like Google Pay, Apple Pay, and other mobile wallets.
That said, in this case, all the celebrity investors are investing close to nine million dollars into the cryptocurrency startup business, in addition, will be added to the already contributed five hundred and fifty-five million dollars, Coatue and Tiger Global. Most recently, Justin Bieber and Gwyneth Paltrow, along with a few other celebrities, have invested in the company, due to its potential. Some of these other investors include Snoop Dogg, Questlove, Drake, Ashton Kutcher, etc.
The MoonPay corporation sells its tech product on digital markets such as Bitcoin.com, OpenSea's NFT, and others. The company, located in Miami, through this strategic analysis will be able to secure incomes, and revenue from other channels apart from empowering people daily in order to use conventional payment procedures in acquiring cryptocurrency.
Moonpay's Achievable Potential
CEO, Ivan Soto-Wright, has acknowledged that the value offering for the MoonPay is in crypto-as-a-service. Soto-Wright discussed the importance of substantial funding acceptance from celebrity investors, rather than embracing a series of comparably small funding rounds. Also, he believes that celebrities strengthening MoonPay should become the meaningful force moving the company's existential growth forward.
He also further explained that if the celebrity investors could help re-shape the direction of the company's products, he would be excited. The CEO continued, noting that the musicians who did contribute to the finances of MoonPay, are influenced by the notion to extend their investment diversification beyond their craft, with the belief of generating income through the Non-Fungible-Token (NFT), Cryptocurrency, instead of relying on concert tickets sales. The executive also touches on a few of the celebrities who had considered his sales pitch, and thus rejected the chance to invest in MoonPay while it's still young.
MoonPay yet hasn't announced publicly some of its strategic implementations, rather it's being considered for investment by all the aforementioned celebrity investors. For now, the company is privately being held, but there is assurance that in years to come, it could go public.
Whereas, if the company ever traverses publicly, it'd be worthy to say that those interested in cryptocurrency should with great eagerness root in for MoonPay, because its success shall be a great significant net positivity for the entirety of both NFT and crypto companies, as both will be
democratised, therefore, helping to boost them into the mainstream, earning greater, exceeding interest in these value stores are increasing their value alternatively. Even while it's becoming obvious that MoonPay could remain in the year 2022, privately being held, the CEO, Ivan Soto-Wright, has noted that he would like to announce the company publicly. He exposed this for the company's transition during his November interview with CNBC.
In conclusion, MoonPay, as a debuted platform has been profitable since less than three years ago, and the company's service spans one hundred and sixty Nations, with ten million customers.
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