Cryptocurrency startup MoonPay is raising $ 555 million worth $ 3.4 billion

Cryptocurrency fintech startup MoonPay has completed its first round of venture finance, hitting a $ 3.4 billion valuation upon receipt of funds.

The company officially announced Monday that it had a Series A financing round of 555 million. Other participants include Blossom Funds, Thrive Funds, Paradigm and venture capital firm New Enterprise Associates.

The capital raised is the first guaranteed funding by MoonPay in 2.5 years since the company was founded in 2019 by two young entrepreneurs, Ivan Soto-Wright and Victor Faramond. The company claims it has processed over $ 2 billion in transactions and has a customer base of more than 7 million users.

The fintech company focuses on providing a crypto payment infrastructure that enables crypto-to-fiat trading for 30 fiat currencies and over 90 cryptocurrencies such as Bitcoin (BTC). According to the announcement, MoonPay’s crypto-to-crypto feature enables 250+ crypto apps, websites and wallets, including Bitcoin.com, to cover over 160 countries.

In addition to providing classic crypto services, MoonPay also offers a native Non-Edible Token (NFT) solution that allows users to buy and sell NFTs. Last week rapper Post Malone promoted MoonPay in a music video with The Weeknd by buying two Bored Ape Yacht Club NFTs worth a total of 160 ETH on the stock exchange.

Related: TradingView closes new round of funding valued at $ 3 billion

With the new capital, the company expects to expand its services worldwide and continue to recruit new talent. According to MoonPay co-founder and CEO Soto-Wright, the company positions itself as “the world’s largest provider of crypto payment infrastructure”.

MoonPay did not immediately respond to Cointelegraph’s request for comment.