Bootstrapped cryptocurrency firm Moonpay has just completed its first round of venture capital funding, and is now seeking a valuation of $3.4 billion. If it weren’t already clear that the world is ready and waiting to begin making payments in cryptocurrency, this startup’s rapid ascent should drive home the point for any wary investors.
Although Moonpay has not commented on its most recent funding success, there has been considerable buzz about the platform in anticipation of its launch. According to previously released materials, Moonpay is designed to enable the sale and purchase of digital assets such as cryptocurrency with more familiar payment methods including bank transfers and credit cards. If it is successful in launching and supporting this lowering of barriers to the crypto market, Moonpay will be poised to swoop into the burgeoning field of digital retail finance.
The successful $400 million VC funding round was headed by Tiger Global Management and Coatue Management, longtime supporters of blockchain and crypto startups. According to recent research by the Global Startup Ecosystem Report and Cointelegraph, investment in fintech such as blockchain has trended sharply upward over the last few years, suggesting that Moonpay is likely not to be alone in its imminent unicorn status.