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.