Walking down the crypto path, you know you can expect anything and everything, starting from the most bizarre to the most exciting, within a flash of a second. The billion-dollar industry gave a thrilling surprise to crypto payment firm MoonPay by earning it the necessary support from the biggies of the entertainment, music, and sports world. In its latest Series A funding round, MoonPay raised a whopping amount of $86.7 million from more than sixty investors that included a line-up of celebrities and global icons hailing from multiple industrial realms.
The highly-anticipated funding round garnered a lot of attention from the media and the crypto industry because of the participation of the elite class. The list of investors involved in the funding round included high-profile names from the music and sports arena such as Maria Sharapova, Brucie Willis, Justin Bieber, Steve Aoki, Snoop Dogg, Ashton Kutcher, Eva Longoria, and Gwyneth Paltrow. The support given by these stars and the interest shown by them in MoonPay has undoubtedly strengthened the position of the firm in the market.
With its latest capital infusion via the Series A funding, MoonPay now stands tall will a market value of a striking $3.4 billion while giving stiff competition to related firms in the sector. At the end of 2021, the company successfully pooled $555 million from investors. The startup witnessed fund flow from entities like Blossom Capital, Thrive Capital, Paradigm, and NEA. There has been a craze amongst venture capital funds to invest in crypto projects and startups. Within the first three months of 2022, over 600 startup projects have fetched more than $12.5 billion from the funding rounds.
Thriving as a trusted payment facilitator for cryptocurrencies and Non-Fungible Token trading, MoonPay has the best-in-class infrastructure to satisfy the requirements of the customers. The MoonPay network caters to more than ten million investors spread across 160 countries around the globe. It strives to offer a powerful interface for trading crypto tokens in a seamless way using credit or debit cards.
Talking about this, Gwyneth Paltrow emphasized the power of Web3 technology and resources. The American actress went on to say that Web3 is leaving a major impact on the entertainment industry along with the financial realm. The technology is opening new opportunities for them to create strong communities, build a connection with their fans, create value, and control intellectual property in a more viable way. Steve Aoki stated that one needs to increase their participation in order to succeed in the NFT space and this becomes possible with the use of Web3 technology.
The crazy support from celebrities for MoonPay can be attributed to the firm’s connection with the world’s largest NFT marketplace OpenSea. Many of these stars might have witnessed the capacity of MoonPay during the peak of the Bored Apes celebrity rush. The payment provider processes transactions based on credit cards on OpenSea. The celebrities might have made their investments after realizing the potential of MoonPay in real-use cases.
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