MoonPay CEO says people call it “PayPal of crypto”

MoonPay makes it easier for people to buy crypto using their bank account, credit card or payment wallets
CEO Ivan Soto-Wright says people are already seeing the fintech firm as crypto version of payments giant PayPal
The firm recently raised $555 million at a valuation of $3.4 billion

MoonPay, a Miami-based fintech company that allows its customers to buy and sell crypto via easily accessible payment methods like bank transfer and credit cards, has seen its market valuation rocket to $3.4 billion after a maiden financing round that netted $555 million.

While the platform remains relatively smaller compared to some of the biggest firms in the crypto industry, its services are cementing its presence in the market as crypto adoption rises.

It is in this vein that CEO Ivan Soto-Wright sees MoonPay growing, with the main target being to make access to cryptocurrencies as easy as possible.

MoonPay currently allows users an easy way to buy Bitcoin, Ethereum, and other crypto assets, including non-fungible tokens. According to Soto-Wright, further developments are meant to make the US-based fintech the go-to place for everything crypto, including tokenised stocks.

In an interview with CNBC, the MoonPay chief noted that all these are possible when it comes to blockchain and crypto. He says that the platform is still getting around its targets, but that it will soon offer seamless and near-zero transactions.

Since we launched in 2019, we’ve been committed to building tools that make the experience of buying and selling crypto so seamless! 💫

Our aim has always been to increase crypto adoption, and we’re incredibly proud of the entire team at MoonPay who have made this possible.

— MoonPay (@MoonPayHQ) November 22, 2021

So far, he noted, people are already referring to MoonPay as the PayPal of crypto. But while he believes the firm’s attraction to people looking to easily buy cryptocurrencies, he notes that their focus sets them apart from PayPal.

PayPal already allows its US and UK customers to buy and sell cryptocurrencies directly from their accounts. However, users have no control of the actual cryptocurrencies, which Soto-Wright says makes PayPal a “walled garden.”

“We believe the future of crypto is about customers taking possession of their private keys,” CNBC quoted the MoonPay boss.