MoonPay, which provides payments infrastructure for buying and selling cryptocurrency, has raised $555m in a Series A funding round led by Tiger Global Management and Coatue.
The round, which saw participation by Blossom Capital, Thrive Capital, Paradigm, and NEA, brings the firm’s valuation to $3.4bn.
The capital infusion will accelerate the firm’s plans to expand its global footprint, invest in its team and develop new products.
MoonPay’s fiat-to-crypto on-ramp is designed to facilitate the conversion of fiat currencies and cryptocurrencies via popular payment methods.
The solution is leveraged by more than 250 wallets, websites and applications in over 160 countries. It is said to have processed over $2bn in transactions to date.
MoonPay co-founder and CEO Ivan Soto-Wright said: “We set out to democratise access to the crypto economy by providing the tools for businesses to onboard new users with magical product experiences.
“We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond.”
In July this year, MoonPay obtained Money Transmitter licenses across 16 states in the US. These licenses allow the company to provide a buy or sell service in the country as an independent offering to its customers, without relying on a third party.
At the time, the firm said it had submitted additional 26 license applications for approval.
Commenting on the financing round, Coatue managing partner Kris Fredrickson said: “We think that the crypto economy today is growing faster than the internet was at a similar stage of its development and that MoonPay is well-positioned to serve crypto-native innovators and those in traditional finance.”
In June, MoonPay bought a stake in BCB Group, a crypto-focused payment services provider.