According to MoonPay’s press release, consumers are looking for better ways to use entertainment and involve themselves with their preferred creators.
Popular fintech startup Moonpay has roped in some Hollywood biggies and the cryptocurrency world can not stop gushing about it. A fleet of Hollywood actors, singers, and rappers like Justin Bieber, Gwyneth Paltrow, Snoop Dogg, and Ashton Kutcher have recently made news for being the latest investors in the up-and-coming firm.
These four celebrities are among a massive community of sixty investors who have shown interest in the MoonPay fintech crypto firm. The firm allows users to exchange crypto tokens and fiat, along with government-issued currencies using popular payment methods.
In addition to that, several celebrity investors like Chainsmokers, Drake, Eva Longoria, Jason Derulo, Kate Hudson, Paris Hilton, Matthew McConaughey, Mindy Kaling, Questlove, and Shawn Mendes have shown interest as well as invested in the startup. Collectively, the new bunch of investors and sponsors are pushing in the funding of about $87 Million to an initially disclosed funding round of $555 million. This funding round was spearheaded by Tiger Global and Coatue, ultimately skyrocketing the valuation of MoonPay to $3.4 billion.
Established in 2018, MoonPay is a Miami-based organization that allows users to trade cryptocurrencies using the traditional payment method which includes credit cards, and bank transactions, along with mobile wallets like Apple Pay and Google Pay.
MoonPay is also involved in the trade of its technology to alternative organizations and firms like the crypto-based website Bitcoin.com. OpenSea has been in news these days owing to the recently developed craze about Non-Fungible Tokens (NFTs) in the crypto space. The rendition of MoonPay’s technology in use by OpenSea has been touted as a “crypto-as-a-service” version by the Chief Executive Officer of MoonPay, Ivan Soto-Wright.
Non-Fungible Tokens are essentially digital assets that are intricate images of objects and things in real-life, for example, art, music, and real estate. An important aspect of the NFTs is that they are impossible to duplicate, and therefore, the ownership of the exclusive NFTs is kept unique. For the last couple of months, industry giants like Coca-Cola, McDonald’s, Nike, Gucci, and the National Football League have roped in non-fungible tokens into their marketing schemes.
This year has turned out to be a good season for crypto startups with more than six hundred of them recording over 12.5Billion in venture capital funding so far. According to MoonPay’s press release, consumers are looking for better ways to use entertainment and involve themselves with their preferred creators. While on the other hand, the creators themselves are looking for a variety of methods to claim ownership as well as share their creativity with the world. Adding to this, MoonPay believes that it is enabling a shift to the crypto side by removing the obstacles that prevent people from indulging in this industry.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
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