MoonPay, a crypto payments infrastructure firm, has expanded the capabilities of its retail-facing crypto app by introducing a cryptocurrency swapping feature.
“Introducing Swaps! 🔄 Unlock the value from the assets you already own by swapping over 1,500 trading pairs. It’s fast, cross-chain with competitive exchange rates,” MoonPay said in an X Post.
Launched in May, the app initially allowed users to buy cryptocurrencies and manage multiple wallets. With the addition of swaps, MoonPay aims to offer users over 1,500 trading pairs, enabling them to unlock value from their existing assets through fast, cross-chain transactions with competitive exchange rates.
In recent developments, MoonPay has diversified its business model beyond payments infrastructure for consumer-facing businesses. The firm has ventured into NFTs and launched a venture capital unit in August, focusing on investments in early-stage web3 and fintech startups.
Earlier this year, MoonPay made its first acquisition by acquiring web3 creative agency Nightshift, enhancing its ability to assist brands in offering web3 features.
With a valuation of $3.4 billion in late 2021 after a substantial $555 million Series A funding round led by Tiger Global Management and Coatue, MoonPay’s executives, including Soto-Wright, reportedly cashed out $150 million by selling shares as part of the Series A round.
Notably, MoonPay faced a class action lawsuit in December 2022, alleging collusion with Bored Ape NFTs creator Yuga Labs and several celebrities to artificially inflate the value of NFTs. In June of the same year, reports surfaced that MoonPay had gifted celebrities valuable Bored Ape NFTs as part of promotional efforts, a claim the company denied without offering detailed clarification.
