Snoop Dogg and Justin Bieber are among the latest investors in crypto payments facilitator MoonPay. (Kevin Winter/Getty Images)
NFT

Snoop Dogg, Justin Bieber, Paul George Join $87 Million MoonPay Funding Round

The global crypto payments facilitator has attracted investment from more than 60 celebrities to expand its software solutions.

Miami-based MoonPay, a global crypto payments infrastructure provider, raised $87 million from more than 60 music, sports, media, and entertainment icons.

The company’s latest funding round includes investments from Snoop Dogg, Justin Bieber, Lil Durk, Maria Sharapova, Paul George, Diplo, Gwyneth Paltrow, Post Malone, Bruce Willis, and Steve Aoki. MoonPay will use the funds to continue building out its software solution for the crypto and blockchain industry.

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The company reports that this latest funding brings its valuation to $3.4 billion.

“Web3 is radically changing the way we approach the business of entertainment, sports, and music,” Ivan Soto-Wright, CEO and Co-founder of MoonPay, said in an official release. “Hollywood is using smart contracts and blockchain technology to assert their creative intellectual property rights. Major global sports franchises have used digital tokens and NFT collectibles to transform fan engagement. And recording artists are beginning to explore how NFTs can give them more control over royalty rights. These are the underpinnings of a creator economy renaissance. And our strategic investors are helping to lead that movement. We’re honored to work with them to help onboard the world to Web3.”

MoonPay launched in 2019 with a mission to increase crypto adoption by providing a software solution that eases the way consumers buy and sell crypto and supported products. The company also created an NFT Checkout solution within its platform that enables the execution of non-fungible token purchases instantly with a credit or debit card. MoonPay has facilitated NFT purchases for celebrities like Lil Baby, Madonna, and Paris Hilton.

Co-founders Soto-Wright and Victor Faramond bootstrapped MoonPay, and in November 2021, the company closed a $555 million Series A funding round led by Tiger Global Management and Coatue. Since its inception, MoonPay has processed nearly $3 billion in transactions, expanded its platform to more than 250 partner sites, and grew its customer base to 10 million people. Currently, the company partners with Bitcoin.com, OpenSea, FaZe Clan, Autograph, and more.

So, how easy is MoonPay platform?

On the company’s website, it’s as easy as running a regular online purchase. You can select which crypto you want to purchase and the number of tokens before seeing a breakdown of what you’re actually getting.

For NFT Checkout, you currently have to register your interest and be accepted before making any purchases, but here’s what that could look like:

This is a company still in its earlier stages of development. But the current buzz — and the current dollar figures — go a long way to suggest that MoonPay figures to be a key player in making the emerging crypto economy work.

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