Crypto payment startup MoonPay is set to reach a $3.4 billion valuation after its first funding round. Tiger Global Management and Coatue Management co-led the $400 million round. The firm's valuation is unusually large for a three-year-old startup.
MoonPay lets people use credit cards when buying crypto or other digital assets on marketplaces such as OpenSea, Bitcoin.com, Abra, ZenGo, Spot and Trust Wallet. The startup, launched in 2019, has over five million users and supports more than 80 digital assets.
Lately, firms such as Coatue and Tiger Global have been drawn to mid-size crypto companies generating revenue as a way to gain exposure to the industry, according to analysis from The Block Research.