MoonPay
| Company type | Private |
|---|---|
| Industry | Financial technology, Cryptocurrency |
| Founded | 2019 |
| Founder | Ivan Soto-Wright, Victor Faramond, Maximilian Crown |
| Headquarters | Miami , United States |
Area served | Worldwide (approximately 160 countries) |
Key people | Ivan Soto-Wright (CEO), Asiff Hirji (President) |
| Products | Cryptocurrency payment solutions, NFT minting platform (HyperMint), Crypto-fiat exchange software |
Number of employees | 330 (targeted in 2021) |
| Website | moonpay |
MoonPay is a global player in the financial technology sector, focusing on the facilitation of cryptocurrency transactions. Established in 2019 by Ivan Soto-Wright, Victor Faramond, and Maximilian Crown, the company is based in Miami and delivers payment solutions that enable the exchange of cryptocurrency and non-fungible token (NFT) assets using fiat currencies.
2019–2021
MoonPay was founded in 2019 by Victor Faramond, Maximilian Crown, and CEO Ivan Soto-Wright. Beginning with a small team of five employees in Miami, the company introduced a platform that allowed users to buy cryptocurrencies with fiat money and securely store these digital assets. Additionally, MoonPay developed infrastructure to support crypto payments on various websites.
By 2021, the platform had facilitated over $2 billion in cryptocurrency transactions and accommodated all major payment options, including credit cards and Apple Pay. Its technology was integrated into prominent crypto marketplaces such as OpenSea and Bitcoin.com.
In November 2021, MoonPay secured $555 million in a funding round spearheaded by Tiger Global Management and Coatue Management, with contributions from Blossom Capital, NEA, Thrive Capital, and Paradigm Operations. This investment valued the company at $3.4 billion. Following this capital infusion, MoonPay aimed to nearly triple its workforce from 130 to 330 employees and sought acquisitions to drive further expansion.
Toward the end of 2021, company executives conducted a secondary stock sale amounting to $150 million. Although such transactions were common at the time, this action attracted criticism due to its timing just before the crypto market downturn in 2022. That same year, MoonPay recorded annual revenues of $150 million.
2022
At the start of 2022, South Florida Business Journal recognized MoonPay as the leading provider of cryptocurrency payment infrastructure. In January, MoonPay broadened its portfolio by enabling direct NFT purchases within integrated marketplaces, streamlining a process that previously involved multiple steps and additional fees. This innovation was described by Billboard as "first-to-market technology." The company’s profile was further elevated through endorsements by celebrities like Paris Hilton and Jimmy Fallon on The Tonight Show. MoonPay also made strategic investments in NFTs, including acquiring a World of Women NFT valued at $754,340 at Christie's auction house.
By March 2022, MoonPay’s services were embedded in approximately 250 wallets, websites, and applications spanning 160 countries. In response to the Russian invasion of Ukraine, MoonPay suspended operations in Ukraine, Russia, and Belarus due to geopolitical concerns. That month also saw the appointment of James Freis, former FinCEN director and whistleblower in the Wirecard scandal, as special adviser for global regulatory compliance. By April, MoonPay had raised $87 million from roughly 60 investors from entertainment and investment sectors, including The Chainsmokers. The company announced it had been profitable since inception and reported a user base exceeding 10 million individuals. It earned the No. 44 spot on the 2022 CNBC Disruptor 50 ranking. During summer, MoonPay collaborated with MasterCard to create an NFT checkout solution.
In June 2022, MoonPay introduced HyperMint, an NFT minting platform designed as an alternative to centralized marketplaces like Opensea for creators and their audiences. Early collaborations included partnerships with Universal Pictures, Fox Corporation, Death Row Records, and Creative Artists Agency. Prominent users featured artists like Snoop Dogg, who launched a token-gated merchandise storefront, along with esports team FaZe Clan.
Despite these advancements, widespread scandals within the crypto sector combined with challenging macroeconomic conditions led to significant declines in trading volumes throughout 2022. By year-end, investor Tiger Global reduced MoonPay’s valuation to $2.8 billion. In December, MoonPay and Yuga Labs faced a class-action lawsuit claiming undisclosed celebrity promotions artificially inflated Yuga Labs' NFT prices. MoonPay asserted full transparency regarding these partnerships and anticipated dismissal of the lawsuit.
In early 2023, Keith Grossman—formerly president of TIME magazine—joined MoonPay as President of Enterprise; Grossman had previously overseen TIME’s TIMEPieces NFT initiative.
2023–2024
In February 2023, MoonPayHQ revealed that it had invested over $25 million in NFTs since 2021, with approximately $15 million allocated to Bored Apes. The firm safeguarded 14 Bored Ape NFTs in cold storage to enhance security, while five additional NFTs acquired by concierge clients awaited transfer. That same month, former Coinbase President and COO Asiff Hirji was appointed as MoonPay’s President. In 2023, Fortune placed MoonPay fifth on its Crypto 40 ranking. By 2024, the company’s valuation was estimated at $3.4 billion, managing crypto transfers totaling around $2 billion and operating across nearly 160 countries.
Developments in 2025
March 2025 marked MoonPay’s expansion into enterprise solutions through the acquisition of crypto checkout startup Helio for $175 million, alongside the purchase of stablecoin platform Iron to strengthen its infrastructure. The following month, MoonPay unveiled plans to open a new headquarters in New York City as part of its strategic growth initiatives. In May, MoonPay partnered with Mastercard to introduce a debit card enabled by stablecoins, allowing users to convert stablecoin holdings into fiat currency during transactions. By June 2025, the company obtained both a BitLicense and a money transmitter license from the New York State Department of Financial Services, solidifying its regulatory compliance and presence in the U.S. market.
Products
MoonPay operates as a fintech firm specializing in cryptocurrency transactions, providing software that facilitates conversions between fiat money and digital currencies. Through the MoonPay app or integrations with web3 platforms such as Coinbase, OpenSea, MetaMask, and Bitcoin.com, users can acquire digital assets including NFTs. The service accepts major payment options like debit and credit cards, local bank transfers, Apple Pay, Google Pay, and Samsung Pay.
Beyond crypto transactions, MoonPay runs HyperMint, an NFT minting solution that also supports various digital assets. This platform aids creators in the cryptocurrency and NFT sectors with regulatory compliance requirements. In 2022, MoonPay’s concierge service gained recognition for assisting high-profile individuals such as Jimmy Fallon in purchasing NFTs.
CEO Ivan Soto-Wright highlights that MoonPay operates under a "non-custodial" model, meaning it does not hold clients’ funds directly. This approach contrasts with firms like FTX, which faced backlash following its 2022 bankruptcy due to failure to return customer assets. To enhance security and user control, MoonPay employs multi-party computation (MPC) technology for asset protection.