Key Points:

• MoonPay raised $555 million in a Series A financing using only equity in 2021.
• The monies will be utilized to enlist more representatives, increment geological inclusion, and present new installment choices.
• However, it would appear that a portion of the company’s CEO’s wealth was used to purchase a Florida home for $38 million.

MoonPay insiders, including co-founder and CEO Ivan Soto-Wright, received $150 million at the crypto payment startup’s Series A financing in late November 2021, according to an unidentified source.

In November 2021, investors like Tiger Global Management and Coatue Management participated in a significant $555 million financing round for the cryptocurrency payments company MoonPay during the Bitcoin craze, which reached a record high of over $69,000.

Insiders paid out $150 million in shares, as per The Data, with President Ivan Soto-Wright among the primary venders.

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MoonPay is a crypto infrastructure company that offers crypto businesses a payment gateway. The stage upholds computerized resource moves, permitting clients to effortlessly secure digital forms of money like Bitcoin. The company’s non-fungible token (NFT) “concierge” service, which was praised by celebrities like Jimmy Fallon and Paris Hilton, received widespread attention in 2021.

In the financing round that was led by well-known investors, the company was valued at $3.4 billion. In an interview with CoinDesk, Ivan Soto-Wright said that the company planned to use the money, among other things, to expand its staff and geographical reach. However, instead of going to the business, some of the money was used to buy shares from existing stockholders like Soto-Wright.

The Information reports that insiders cashing out their shares in a secondary transaction contributed $150 million of the total funds, while selling shares to investors contributed $405 million of the total funds. This indicates that the company did not receive a significant portion of the revenue. A few weeks after the Series A fundraising round, Soto-Wright bought a Miami estate for $38 million. He uses the property to host extravagant parties, like the one he hosted at the Art Basel art festival last year.