Cryptocurrency Firm MoonPay Raises $87 Million From Justin Bieber, Maria Sharapova, Others

The new investors are contributing a collective $87 million to a previously announced $555 million funding round led by Tiger Global and Coatue, valuing MoonPay at $3.4 billion

MoonPay allows users buy cryptocurrencies using conventional payment methods like credit cards, bank transfers or mobile wallets, such as Apple Pay and Google Pay. Image: Getty

New Delhi: MoonPay, a cryptocurrency payments start-up, has raised $87 million from more than 60 high-profile investors as the role of non-fungible tokens (NFTs) in content creation and fan engagement expands, according to a report by Reuters.

Singer Justin Bieber, rapper Snoop Dogg, tennis player Maria Sharapova, actor Bruce Willis are among the 60 investors in MoonPay.

According to a news report, some additional celeb investors include the Chainsmokers, Drake, Eva Longoria, Jason Derulo, Kate Hudson, Paris Hilton, Matthew McConaughey, Mindy Kaling, Questlove and Shawn Mendes, among others.

The new investors are contributing a collective $87 million to a previously announced $555 million funding round led by Tiger Global and Coatue, valuing MoonPay at $3.4 billion. MoonPay on Wednesday said that the investments are part of the firm's Series A round, disclosed in November last year which valued the company at $3.4 billion.

More than 600 crypto start-ups have seen over $12.5 billion in venture capital funding so far this year, according to Alex McDougall, managing director at fund manager 3iQ Digital Assets.

Founded in 2018, the Miami-based company’s software lets users buy and sell cryptocurrencies using conventional payment methods like credit cards, bank transfers or mobile wallets, such as Apple Pay and Google Pay.

Ivan Soto-Wright, co-founder and chief executive officer (CEO), MoonPay that provides payment infrastructure for crypto and NFT transactions, said that content creators to increasingly use NFTs to market their work and engage with fans. 

NFTs are digital assets that represent real-world objects — such as art, music and real estate — and can’t be replicated. In the past few months alone, big brands from every industry, including Coca-Cola, McDonald’s, Nike, Gucci and the National Football League, have brought NFTs into their marketing initiatives.