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MoonPay Raises $87 Million in a Funding Round Led by Celebrities

MoonPay, a $3.4 billion cryptocurrency payments network, announced that it had raised $87 million in funding from a number of well-known sports and media figures.

In its drive into Web3, the company said on Wednesday that it has raised millions of dollars from 60 high-profile celebrities and businesses. By simplifying the payment infrastructure, MoonPay has aided the appeal of cryptos and NFTs among celebrities.

MoonPay investors include Maria Sharapova, Gal Gadot, and Snoop Dogg.

So MoonPay has received investment from significant personalities in the music, sports, media. Then, and entertainment industries due to its leadership in the crypto and NFT space. Also, MoonPay has received $87 million in funding from 60 celebrities and well-known people.

Maria Sharapova, Justin Bieber, Jason Derulo, Bruce Willis, Paris Hilton, Gal Gadot, Matthew McConaughey, Snoop Dogg, and others are among the celebrities.

Drake’s DreamCrew, Ashton Kutcher and Guy Oseary’s Sound Ventures, Gwyneth Paltrow and Moj Mahdara’s Kinship Ventures, and others all made investments in the company.

Tiger Global Management, Blossom Capital, Thrive Capital, Paradigm, and NEA, which led a $555 million funding round in November, are among the organizations that have invested in MoonPay. Last year, the money helped the crypto payment startup reach a $3.4 billion valuation.

MoonPay’s CEO and Co-Founder, Ivan Soto-Wright, says:

“Web3 is radically changing the way we approach the business of entertainment, sports and music.”
“The business are using Web3 technologies in managing intellectual property rights,”
“transform fan engagement, and control royalty rights.”

NFT Participation in the Music, Sports, Media, and Entertainment Industries

So,To develop community, connect, and engage with their fans, the entertainment, sports, and music sectors are experimenting with NFTs and Web3 technologies. Moreso,MoonPay has aided this by making the crypto economy and NFTs more accessible.

Lastly, Gwyneth Paltrow, actress and co-founder of Kinship Ventures, says of their investment in MoonPay:

“We are excited to invest in MoonPay because we believe their technology is best positioned”
” to make participating in cryptocurrency more accessible.”

Celebrities, well-known artists, and figures from numerous fields are flocking to the NFT space. Gwyneth Paltrow, Eminem, Snoop Dogg, and Steph Curry, for example, have used Bored Apes NFTs as profile images. In addition, some celebrities are teaming up with artists to develop and sell NFTs.

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