Key Points:
MoonPay, a cryptocurrency payments company, announced a major $555 million financing round in November 2021, with investors like Tiger Global Management and Coatue Management taking part during the Bitcoin craze, which reached a record high of over $69,000.
Insiders paid out $150 million in shares, according to The Information, with CEO Ivan Soto-Wright among the main sellers.
MoonPay is a crypto infrastructure company that provides a payment gateway for crypto companies. The platform supports digital asset transfers, allowing users to easily acquire cryptocurrencies such as Bitcoin. In 2021, the company received widespread notice for its non-fungible token (NFT) “concierge” service, which was lauded by celebrities like Jimmy Fallon and Paris Hilton.
The company was valued at $3.4 billion in the financing round, which was spearheaded by high-profile investors. Ivan Soto-Wright revealed in an interview with CoinDesk that the company intended to use the cash to expand its personnel and geographical reach, among other things. Nevertheless, rather than going to the firm, part of the funds was utilized to purchase shares from existing stockholders such as Soto-Wright.
According to The Information, $405 million of the total funds came from selling shares to investors, while the remaining $150 million came from insiders cashing out their shares in a secondary transaction. This suggests that a significant portion of the cash generated was not reinvested in the firm. Soto-Wright acquired a $38 million estate in Miami a few weeks after the Series A fundraising round, a property he’s accustomed to throwing expensive parties like the one hosted during last year’s Art Basel art festival.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…
Miami, Florida, 5th November 2024, Chainwire
Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…
New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…
Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.
NY, United States of America, 5th November 2024, Chainwire
This website uses cookies.