MoonPay launches investment arm MoonPay Ventures

Crypto on-ramp and payment solutions provider MoonPay has launched an investment arm called MoonPay Ventures. 

MoonPay Ventures will focus on early-stage startups specializing in web3 and financial technology, the firm said in a statement. Startups will also receive mentorship and support from MoonPay and its hundreds of crypto industry partners. 

MoonPay Ventures has already invested in portfolio companies including BCB Group, Brut, BeatClub, Absolute Labs, Create/OS, BridgeTower Capital, Mythical Games and others.

"As we continue building at MoonPay, we’re also committed to uplifting the standout players in our ecosystem so we can collectively work toward mass Web3 adoption," said MoonPay CEO Ivan Soto-Wright in a statement. "Launching MoonPay Ventures is a major milestone in bringing this vision to life and allows us to leverage our resources to support our portfolio companies, and in turn, the Web3 industry as a whole.”

MoonPay's head of development Abhay Malavankar will spearhead MoonPay Ventures. Malavankar joined MoonPay in July of 2022 after serving as the head of venture investments and M&A at Cisco Investments.