logoAiPathly

MoonPay

M

Overview

MoonPay is a leading financial technology company specializing in cryptocurrency and non-fungible token (NFT) payment infrastructure. Founded in 2019, MoonPay has rapidly grown to become a key player in the crypto industry.

Business Model

MoonPay's core business model revolves around providing a secure and user-friendly platform for buying, selling, and storing cryptocurrencies. The company generates revenue primarily through:

  • Transaction fees: A small percentage of each transaction
  • Partnerships: Collaborations with other businesses in the cryptocurrency ecosystem

Key Services

  1. Individual Users:
    • Buy, sell, and swap cryptocurrencies
    • Multiple payment methods (credit/debit cards, bank transfers, Apple Pay, PayPal)
    • ISO 27001-certified with AES-256 encryption
  2. Businesses:
    • Crypto on-ramp product for integration into apps or websites
    • Supports multiple payment methods and handles fraud protection
  3. NFTs:
    • Facilitates NFT purchases with fiat currencies

Global Reach and Security

  • Operates in over 160 countries
  • Supports 80+ cryptocurrencies
  • Used by 20+ million individual users worldwide
  • ISO 27001 and PCI-DSS compliant
  • Robust KYC checks and regulatory adherence

Partnerships and Performance

  • Key partnerships: Ledger, Stellar Development Foundation, RippleNet, OpenSea, Bitcoin.com
  • By November 2021:
    • Processed over $2 billion in crypto transactions
    • Generated $150 million in annual revenue
  • Raised $555 million in 2021, valuing the company at $3.4 billion MoonPay has established itself as a reliable, secure, and user-friendly platform in the rapidly evolving cryptocurrency landscape, bridging the gap between traditional financial systems and the digital asset ecosystem.

Leadership Team

MoonPay's success is driven by a diverse and experienced leadership team, combining expertise in technology, finance, and cryptocurrency. Key members include:

Founders

  • Ivan Soto-Wright: Co-Founder & Chief Executive Officer
  • Victor Faramond: Co-Founder & Chief Engineer

Presidents

  • Asiff Hirji: President
  • Keith A. Grossman: President, Enterprise

Key Executives

  • Brent Crider: Global Chief Compliance Officer
  • Tyler Hoffman: Vice President of Business Development

Additional Roles

  • Chief Product & Strategy Officer
  • Chief Legal & Administrative Officer
  • Managing Director (APAC) This diverse team brings a wealth of knowledge in engineering, product strategy, compliance, and business management, enabling MoonPay to navigate the complex and evolving fintech and cryptocurrency landscape effectively.

History

MoonPay's journey from a startup to a major player in the cryptocurrency industry is marked by rapid growth and innovation.

Founding and Early Days (2018-2019)

  • Founded in 2019 by Ivan Soto-Wright and Victor Faramond in Miami
  • Idea conceived in 2018 to address the lack of direct crypto buying/selling in mobile wallets
  • Initial API developed for Bitcoin.com

Initial Growth and Partnerships (2019-2021)

  • March 2019: Official launch with Bitcoin.com partnership
  • By 2021: Partnered with 250+ companies across 160 countries
  • Supported 30 fiat currencies and 90 cryptocurrencies

Funding and Valuation

  • November 2021: $555 million Series A funding round
  • Valued at $3.4 billion
  • Notable investors: Tiger Global, Coatue, Justin Bieber, Maria Sharapova
  • Total funding reached $650.7 million by April 2024

Product Expansion

  • 2022: Launched NFT Checkout and HyperMint (self-service NFT minting platform)
  • 2023: Introduced MoonPay App, MoonPay Sell, and expanded features

Key Partnerships

  • June 2022: Mastercard partnership for NFT purchases
  • December 2022: Uniswap Labs collaboration
  • February 2023: Partnerships with Magic Eden and LooksRare
  • 2023: PayPal integration for crypto transactions

Growth and Challenges

  • 2023: Over 20 million customers (40% increase from previous year)
  • Achieved PCI Level 1, ISO 27001, and SOC2 Type 1 certifications
  • Expanded global regulatory footprint
  • 2022: Faced challenges during crypto downturn, resulting in staff reductions
  • Q1 2023: Internal valuation for common shares reduced by 72% MoonPay has evolved from a simple cryptocurrency on-ramp to a comprehensive Web3 infrastructure company, continuously adapting to market trends and expanding its service offerings.

Products & Solutions

MoonPay offers a comprehensive suite of products and solutions designed to facilitate the buying, selling, and managing of cryptocurrencies and digital assets:

MoonPay Balance

This revolutionary payment solution brings fiat balance convenience to the decentralized crypto ecosystem:

  • Users can top up their balance using various payment methods
  • Enables instant, cost-effective cryptocurrency purchases
  • Zero MoonPay fees on transactions (partner and network fees still apply)
  • Higher approval rates and lower risk of transaction declines
  • Integration with non-custodial wallets and exchanges for user control

Crypto Purchases and Sales

MoonPay enables transactions for over 100 cryptocurrencies, including Bitcoin, Ethereum, and Solana, using:

  • Credit/debit cards
  • Bank transfers
  • Apple Pay and Google Pay
  • Local payment methods (SEPA, Faster Payments, Pix)
  • PayPal and Venmo (in select regions)

MoonPay Checkout

Tailored for businesses, creators, and marketplaces to enable seamless buying experiences:

  • Supports NFT and Web3 digital goods purchases up to $15,000
  • Compatible with over 30 blockchains
  • Simple fee structure: 3.5% with a $3.99 minimum fee
  • Integrated with leading marketplaces like OpenSea and Magic Eden

Payment Infrastructure

Comprehensive on-and-off-ramp suite for fiat-to-crypto conversions:

  • Supports various payment methods
  • Active in over 160 countries
  • Trusted by 300+ leading wallets, websites, and applications

Security and Compliance

MoonPay prioritizes strong security measures:

  • AES-256 encryption
  • PCI-DSS compliance
  • ISO 27001 certification

Non-Custodial Wallet Integration

MoonPay works with most non-custodial crypto wallets, ensuring:

  • Users maintain full control of their assets
  • Elimination of complex processes and costly intermediaries
  • More efficient and user-friendly experience

Core Technology

MoonPay's core technology centers around providing secure, efficient, and globally accessible cryptocurrency payment infrastructure:

Payment Methods

  • Supports a wide variety of options including debit/credit cards, Apple Pay, Google Pay, PayPal, and local bank transfers
  • Facilitates seamless fiat-to-crypto and crypto-to-fiat transactions

On- and Off-Ramp Services

  • Enables smooth conversion between fiat currencies and cryptocurrencies
  • Supports both purchasing cryptocurrencies and selling back into fiat

Security and Compliance

  • Employs advanced measures such as AES-256 encryption and Transport Layer Security (TLS)
  • Implements rigorous Know Your Customer (KYC) processes
  • Ensures compliance with regulatory requirements

Global Reach and Integration

  • Operates in over 160 countries
  • Integrated with 300+ leading wallets, websites, and applications
  • Enables businesses to create seamless purchase experiences worldwide

User Experience

  • Known for user-friendly interface and efficient transaction processing
  • Offers swift verification processes for quick onboarding

Recent Integrations

  • Partnered with Element Wallet to enhance access to CORE token within the Bitcoin DeFi ecosystem
  • Expanded accessibility of the Core blockchain's native cryptocurrency MoonPay's technology stack is designed to provide a secure, efficient, and user-friendly gateway to the cryptocurrency market, positioning it as a significant player in the crypto payment infrastructure space.

Industry Peers

MoonPay operates in the fintech and cryptocurrency sectors, competing with several notable companies:

Major Competitors

  1. Simplex
    • Fiat-to-crypto payment solutions
    • Revenue: $20.1M, Employees: 118
  2. Binance
    • Large cryptocurrency exchange
    • Revenue: $1.2399B, Employees: 13,625
  3. Coinbase
    • Major cryptocurrency exchange
    • Revenue: $5.920B, Employees: 6,292
  4. Wyre
    • Financial technology and cryptocurrency focus
    • Revenue: $1.4M, Employees: 21

Other Notable Competitors

  • Transak: Global web3 infrastructure services provider (New York)
  • Ramp: Web3 financial infrastructure for non-custodial crypto transactions (London)
  • Kima: Blockchain interoperability and liquidity solutions
  • Xanpool: Internationally compliant fiat-gateway software solution
  • Onramper: Fiat-to-crypto onramp aggregator

Additional Competitors (Based on Web Traffic)

  • CEX.IO: Cryptocurrency exchange
  • ChangeNow: No-registration cryptocurrency exchange platform
  • Bitcoin.com: Cryptocurrency services provider
  • Paybis: Cryptocurrency buying and selling platform These companies offer similar services in cryptocurrency payments, on-ramps, and financial infrastructure, competing directly with MoonPay in various aspects of the crypto ecosystem. The competition landscape reflects the dynamic and rapidly evolving nature of the cryptocurrency and fintech industries.

More Companies

J

Justt

Justt is a fintech company specializing in AI-powered chargeback mitigation. While the company's name may be similar to other programs or entities, it's important to note that Justt is distinct from the 'Just' program administered by the International Living Future Institute (ILFI). Justt's primary focus is on leveraging artificial intelligence to streamline and improve the chargeback dispute process for businesses. The company aims to address inefficiencies in traditional chargeback management systems by using advanced technology and data analysis. Key aspects of Justt's approach include: 1. AI-driven solutions: Utilizing machine learning algorithms to analyze and process chargeback claims more efficiently. 2. Automation: Streamlining the chargeback dispute process to reduce manual workload and improve response times. 3. Data analysis: Leveraging large datasets to identify patterns and trends in chargeback behavior, helping businesses better understand and mitigate risks. 4. Customization: Tailoring solutions to meet the specific needs of different industries and business types. By focusing on these areas, Justt aims to help businesses reduce revenue loss from chargebacks, improve customer relationships, and optimize their overall payment processes. The company's innovative approach to chargeback mitigation sets it apart in the fintech industry and positions it as a leader in applying AI to solve complex financial challenges.

Q

Quantum SI

W

Westinghouse Electric Company

Westinghouse Electric Company, a pioneer in electrical technology and nuclear energy, has a rich history spanning over a century. Founded in 1886 by George Westinghouse in Pittsburgh, Pennsylvania, the company has undergone significant transformations and diversifications throughout its existence. ### Founding and Early Years Initially named Westinghouse Electric Company, it was renamed Westinghouse Electric & Manufacturing Company in 1889. The company played a crucial role in developing and implementing alternating current (AC) technology, competing with Thomas Edison's direct current (DC) system. Key achievements include the development of the first practical AC transformer and the installation of the world's first operational transformer-based multiple voltage transmission system in 1886. ### Expansion and Innovation By the early 20th century, Westinghouse had become a major player in power generation, transmission, and distribution. The company expanded into consumer electronics, home appliances, and radio broadcasting, establishing KDKA, the first commercial radio station. Westinghouse's commitment to research and development led to numerous innovations, including the world's first commercial pressurized water reactor (PWR) in 1957. ### Corporate Changes In the late 20th century, Westinghouse underwent significant restructuring. The company exited the appliance business in the mid-1970s and diversified further in the 1990s, including the purchase of CBS. In 1999, the nuclear power division was spun off to form the new Westinghouse Electric Company LLC. ### Modern Era Today, Westinghouse Electric Company LLC focuses primarily on nuclear power, offering products and services including the AP1000 reactor design. The company has undergone several ownership changes, most recently acquired by Brookfield Renewable Partners and Cameco in November 2023. Despite facing challenges, including a bankruptcy filing in 2017, Westinghouse remains a significant player in the global nuclear energy sector. ### Legacy and Current Operations Westinghouse continues to be a leader in nuclear energy, with a global presence and a commitment to sustainable energy solutions. The company's legacy includes pioneering work in electrical technology, nuclear power, and consumer electronics, and it remains dedicated to improving everyday life through innovative and reliable products.

N

Nigerian National Petroleum Corporation

The Nigerian National Petroleum Corporation (NNPC) Limited, transformed into a limited liability company in July 2022, is Nigeria's state-owned oil and gas company. This comprehensive overview highlights its key aspects: ### History and Establishment NNPC was formed in 1977 by merging the Nigerian National Oil Corporation (NNOC) and the Federal Ministry of Mines and Power. Its roots trace back to 1956 when oil was first discovered in commercial quantities in Oloibiri, Bayelsa State. Nigeria joined OPEC in 1971. ### Transformation and Legal Status The Petroleum Industry Act (PIA) of August 2021 transformed NNPC into a limited liability company, enabling it to operate commercially without government funding or direct control. This change aims to enhance efficiency and access to international capital markets. ### Operations and Business Scope NNPC is a fully integrated energy company involved in: - Exploration and Production: Partnering with international oil companies - Refining and Petrochemicals: Operating three refineries and producing petrochemical products - Gas Development: Expanding gas processing and transportation infrastructure - Distribution and Marketing: Managing petroleum product distribution through subsidiaries and networks ### Organizational Structure NNPC operates through Strategic Business and Corporate Services Units across Nigeria. It is structured into directorates including Upstream, Downstream, Gas, Power and New Energy, Finance, and Business Services, each led by an Executive Vice President. ### Infrastructure and Assets The company possesses extensive infrastructure including refineries, pipelines, storage facilities, and retail outlets. Its asset base is valued at $153 billion, with operations across Nigeria and an international office in London. ### Transparency and Accountability NNPC is committed to transparency, participating in the Extractive Industries Transparency Initiative (EITI) and publishing audited financial statements. ### Sustainability and Energy Transition The company is focusing on energy transition and sustainability, investing in renewable energy sources and promoting environmental sustainability through its decarbonization program. ### Financials and Revenue NNPC is a significant revenue generator for Nigeria, accounting for 76% of federal government revenue and 40% of the country's GDP. In 2019, it reported revenue of $12.98 billion. In summary, NNPC Limited plays a crucial role in Nigeria's energy sector, balancing energy security, sustainability, and economic growth through its diverse operations and investments.