MoonPay, a cryptocurrency payments business, received almost 16 percent of its most recent investment round from celebrities.
MoonPay stated in a press statement on Wednesday that more than 60 artists, actresses, and other celebrities contributed $87 million to the company’s newest round of fundraising. The firm was valued at $3.4 billion after raising $555 million in a Series A investment headed by Tiger Global Management and Coatue Management late last year.
Ashton Kutcher, Justin Bieber, Steve Aoki, Gwyneth Paltrow, Maria Sharapova, Diplo, Post Malone, Drake, Matthew McConaughey, Bruce Willis, Mindy Kaling, and Paris Hilton are among the investors.
The latest indicator of the glitterati’s growing interest in crypto-focused financial technology is MoonPay’s funding. NFTs, and the blockchain technology that underlies them, can disrupt the music, film, fashion, and gaming sectors by enabling artists to get funding, retain their intellectual property and sell their work directly to customers without intermediaries.
NFTs are more than simply JPEGs, according to MoonPay CEO Ivan Soto-Wright, and offer a mechanism for artists and producers to handle payments. In an article, he added that the business wants to assist them to think about strategies for the upcoming blockchain-based web, also known as web3.
Soto-Wright stated, “MoonPay sees an entire different format for the entertainment industry. My thought was: Let’s build a diversified portfolio of incredible people that represent different industries and let’s talk about the use cases for their intellectual property.”
MoonPay bills itself as a PayPal for the cryptocurrency economy, allowing transactions between people and cryptocurrency companies like providers of nonfungible tokens or NFTs. Users may purchase and sell digital assets and NFTs using credit and debit cards, Apple, Google, Samsung Pay, or bank accounts.
Several of MoonPay’s celebrity investors, including Justin Bieber and Hilton, have made high-profile purchases of digital photographs for millions of dollars in the last year.