Nov 22 (Reuters) – Cryptocurrency startup MoonPay has raised fresh capital from investors led by Tiger Global Management and hedge fund Coatue with a valuation of $ 3.4 billion, becoming the latest company to capitalize on the huge demand from investors in fast growing firms in the sector.
The company said Monday it had raised $ 555 million in a Series A funding round that also featured participation from Blossom Capital, Thrive Capital, Paradigm and NEA.
MoonPay’s valuation comes as bitcoin, the largest and most popular cryptocurrency, is trading at around $ 60,000 per unit, despite some digital assets coming under global regulatory scrutiny for its potential use in money laundering. .
Several other companies in this sector have also caught the attention of investors this year. Cryptocurrency startup Gemini, led by internet entrepreneurs Cameron and Tyler Winklevoss, earned a valuation of $ 7.1 billion last week. FTX Trading, a platform for buying and selling cryptocurrencies, was valued at $ 25 billion after a funding round last month.
MoonPay, which is profitable, says it helps businesses transact digital assets quickly and smoothly. He also claims that it helped blockchain technology company Bitcoin.com increase its revenue more than sixfold.
The company said its technology for non-fungible tokens, unique cryptographic tokens that cannot be replicated, has also been used by the NFT OpenSea marketplace.
(Reported by Mehnaz Yasmin and Niket Nishant in Bengaluru. Edited in Spanish by Rodrigo Charme)