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 skyrocketing investor demand for fast growing companies 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 close to $ 60,000 per unit despite digital asset classes like this one having come under global regulatory scrutiny for their potential use in money laundering. money.
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Several other companies in this space 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 he had helped Bitcoin.com, a blockchain technology company, increase its revenue more than six times.
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.
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Report by Mehnaz Yasmin and Niket Nishant in Bengaluru; Edited by Ramakrishnan M.
Our Standards: The Thomson Reuters Trust Principles.
