Crypto payment startup MoonPay valued at $3.4 billion after first funding round

Crypto payment startup MoonPay is set to reach a $3.4 billion valuation in its first funding round, The Information reports. 

Tiger Global Management and Coatue Management are co-leaders the $400 million round. The firm's valuation is unusually large for a three-year-old startup.

MoonPay lets people use credit cards when buying crypto or other digital assets on marketplaces such as OpenSea, Bitcoin.com, Abra, ZenGo, Spot and Trust Wallet. The startup, launched in 2019, has over five million users and supports more than 80 digital assets.

Lately, firms such as Coatue and Tiger Global have been drawn to mid-size crypto companies generating revenue as a way to gain exposure to the industry, according to analysis from The Block Research.

Before investing in MoonPay, Tiger Global backed open banking startup TrueLayer and the 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 to the NFT and DeFi development platform Alchemy in April. 

Last month, MoonPay partnered with the crypto wallet provider Blocto to provide a fiat on-ramp to the Flow blockchain and easier access to NFT marketplaces.   

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Update: The article was updated to reflect that MoonPay's first fundraising round has not closed and is still ongoing. 

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.