Crypto startup MoonPay valued at $3.4 bln after latest funding round

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Nov 22 (Businesshala) – Cryptocurrency startup Moonpay has raised fresh capital at a valuation of $3.4 billion from investors led by Tiger Global Management and hedge fund Coteau, capitalizing on sky-high investor demand for fast-growing companies in the sector. Has become the latest enterprise. ,

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The company said on Monday that it had raised $555 million in a Series A funding round, which also saw participation from Blossom Capital, Thrive Capital, Paradigm and NEA.

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Moonpay’s valuation comes as bitcoin, the largest and most popular cryptocurrency, is trading close to $60,000 per unit, even though the digital asset class has come under global regulatory scrutiny for their potential use in money laundering. .

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Several other companies in the sector have also caught the attention of investors this year. Crypto startup Gemini, led by Internet entrepreneurs Cameron and Tyler Winklevoss, received a valuation of $7.1 billion last week. FTX Trading, a platform for buying and selling cryptocurrencies, was valued last month after a funding round of $25 billion.

Moonpay, which is profitable, says it helps businesses transact digital assets quickly and easily. It also claims that it has helped a blockchain technology company, Bitcoin.com, increase its revenue by more than six times.

The company said that its technology for non-fungible tokens, unique crypto tokens that cannot be replicated, has also been used by NFT marketplace OpenC.

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Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Ramakrishnan M.

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