MoonPay Expands Functionality: Adding Cryptocurrency Exchange to the App
Date: 2023-10-07 Author: Dima Zakharov Categories: BUSINESS
Expanding MoonPay's Functionality with Cryptocurrency Exchange in the App
MoonPay, a company specializing in cryptocurrency payment infrastructure, continues to expand its functionality by adding a cryptocurrency exchange feature to its retail trading app. This innovation will allow app users to exchange cryptocurrencies and manage their wallets much more conveniently and efficiently. As Ivan Soto-Wright, co-founder and CEO of MoonPay, pointed out, the new exchange system optimizes the process of executing transactions and reduces costs by using less complex exchange mechanisms compared to smart contracts.
MoonPay: History and Business Diversification
Founded in 2018, MoonPay has quickly grown into one of the leading companies in the cryptocurrency payment sector. It provides infrastructure for cryptocurrency payments and asset management. Recently, MoonPay has started diversifying its business model, focusing on retail consumers and applications, and investing in startups in the Web3 and Fintech sectors. This demonstrates the company's commitment to staying at the forefront of the cryptocurrency industry.
Evaluating MoonPay and Key Events
MoonPay has attracted significant investments, with its valuation reaching $3.4 billion after a successful Series A funding round led by Tiger Global Management and Coatue. These investments have helped the company develop new projects and implement innovations. Another important milestone in MoonPay's history was the acquisition of the creative agency Web3 Nightshift, indicating the company's desire to actively collaborate with brands and promote the concept of Web3.
Legal Lawsuits and Internal Conflicts
MoonPay has also been in the spotlight due to legal lawsuits and internal conflicts. A collective lawsuit filed against the company accused it of conspiring with the creators of NFT Bored Ape Yuga Labs and celebrities to artificially inflate the value of NFTs. Additionally, disputes have arisen regarding the provision of valuable NFT Bored Apes to celebrities as part of MoonPay's business promotion.
These events illustrate that MoonPay remains a focal point in the cryptocurrency industry and continues to actively evolve despite the challenges it faces.
