Latest news with #IvanSoto-Wright
Yahoo
17 hours ago
- Business
- Yahoo
MoonPay Grabs Coveted BitLicense Approval In New York
MoonPay, a cryptocurrency on-ramp and payments firm with over 20 million users, has been granted a coveted BitLicense and money transmitter license by the New York State Department of Financial Services (NYDFS). The BitLicense approval completes MoonPay's U.S. regulatory coverage, complementing money transmission licenses in 46 other U.S. jurisdictions, as well as registrations in the UK, Australia, Canada, Italy, Ireland and Jersey, the company said in a press statement on Wednesday. Donald Trump's crypto-friendly administration has made attaining a solid footing in the U.S. all the more desirable for firms as his administration works on federal regulations. The NYDFS BitLicense approval is widely recognized as a gold standard in the crypto industry. The NYDFS approval comes on the heels of MoonPay opening a new headquarters in New York City, which the company said is now its largest U.S. office. 'As a U.S.-founded company with a headquarters in New York City, we're immensely proud of this milestone and look forward to our continued work with regulators nationwide to make crypto accessible to everyone,' said MoonPay co-founder and CEO Ivan Soto-Wright in a statement.
Yahoo
16-05-2025
- Business
- Yahoo
Mastercard joins forces with MoonPay on stablecoin payments
Mastercard has partnered with MoonPay, a cryptocurrency payment solutions provider, to allow global stablecoin transactions using Mastercard-branded cards. This move aims to enable users to spend their digital currency at over 150 million locations globally where Mastercard is accepted. The partnership utilises Iron's API-driven stablecoin infrastructure, which MoonPay acquired in March, to facilitate payments for businesses and convert crypto wallets into digital bank accounts for cross-border money transfers. Additionally, it will enable businesses to offer stablecoin-based payments to gig workers, contractors, and creators. By combining Mastercard's international payments network with MoonPay's crypto economy connections, the alliance seeks to deliver payment solutions to both merchants and consumers. MoonPay has integrations over 500 crypto platforms and anticipates the combined reach extends to over 100 million active crypto users. Mastercard global partnerships executive vice president Scott Abrahams said: 'By providing solutions that unlock stablecoin utility and ubiquity, we are redefining how money moves globally and driving a shift in payments as we know it. Together with MoonPay, we're building innovative and secure connectivity between crypto and mainstream finance ecosystems, grounded by trust and driven by scale.' MoonPay CEO and founder Ivan Soto-Wright stated: 'MoonPay serves the largest crypto wallets in the industry, and with Mastercard, we're bringing convenient, trusted stablecoin-enabled cards to crypto users around the world. Our acquisition of Iron and long-standing relationship with Mastercard allow us to power a new era of payments made with stablecoins at more than 150 million merchant locations worldwide.' In March, MoonPay has secured a $200m revolving credit facility from Galaxy, a crypto-focused financial services firm. "Mastercard joins forces with MoonPay on stablecoin payments " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
22-04-2025
- Business
- Yahoo
MoonPay's Ivan Soto-Wright Bets on a Non-Custodial, API-First Future for Crypto
As the crypto space consolidates, MoonPay is quietly becoming the infrastructure layer for the next wave of Web3. With over 30 million verified users across 160 countries and a fully licensed global stack, the company is enabling everything from fiat onramps to embedded DeFi experiences. Originally launched to make wallet top-ups seamless via Apple Pay and debit cards, MoonPay now powers API-first solutions used by nearly every major DeFi app. 'We started with a simple question, how do you top up your wallet?' MoonPay's CEO and co-founder Ivan Soto-Wright told CoinDesk in an interview. Now it's about giving developers the tools to bring crypto into everyday life. The company is pushing toward a fully API-driven, "headless" infrastructure model, where developers can plug MoonPay into their products just like Stripe. Helio, one of MoonPay's recent acquisitions, underscores this trajectory. Moonpay acquired the Solana-powered crypto payment processor in January, for a reported $175 million. Despite its size and reach, MoonPay still operates with a startup mentality. With only 300 employees, the team is "execution-first" and relentlessly focused on efficiency. The company saw 112% year-on-year growth, with Q1 2025 marking its strongest quarter ever. MoonPay primarily earns via transaction fees on crypto purchases through debit cards, Venmo, and Apple Pay. But it's experimenting with zero-fee trading products like 'Balance,' which allows users to deposit cash and trade instantly. Soto-Wright is a well-known entrepreneur and investor, and is a member of the Milken Institute Fintech Advisory Council. Prior to MoonPay, he was CEO and co-founder of smart money app Saveable. He started his career at London-based investment firm What trends do you see emerging in crypto? Soto-Wright: 'DEXs will overtake CEXs, with users demanding control over their assets but expecting the smooth UX of a centralized platform." "MoonPay's ethos is that more crypto transactions should be peer-to-peer, taking advantage of decentralized exchanges. We're seeing a general shift from CeFi to DeFi, with decentralized exchanges currently dominating 30% of the market. I see this trend continuing to shift over time – DeFi is global and ultimately reduces friction and costs by cutting out the middleman.' How do you expect the wallet market to develop? 'Cryptocurrency wallets will eventually replace bank accounts. Users will have multiple wallets, like you and I have a number of bank accounts now. MoonPay provides the mission-critical infrastructure to power these wallet experiences, both from our MoonPay Widget product and APIs.' Does MoonPay plan to make more acquisitions in the near term? 'M&A is a huge growth driver to our business. We view it as an accelerator to help us move quickly and bring more products to market. A big part of our M&A strategy is identifying the right companies to help achieve our vision for the future of payments. An example of this is Helio, which unlocked our ability to power crypto commerce for merchants." 'We're always open to M&A,' Soto-Wright said, noting that past acquisitions have been cash-flow positive from day one. 'It's about speed, scaling by acquiring great teams with a sharp founder mindset.' What features do customers want, better UX? A central theme for MoonPay is the shift from custodial to non-custodial finance. 'We believe crypto should be non-custodial first,' said the company's CEO. To facilitate this shift, MoonPay is developing what it calls the 'CEX experience in a DeFi environment.' That means abstracting away the complexity of DeFi —wallets, UTXOs, compliance — into easy-to-integrate SDKs and widgets. 'Think of it like packaging up the convenience of a centralized exchange and putting it into your own wallet.' What does the future have in store for MoonPay? While not yet confirmed, a MoonPay stablecoin could be in the pipeline. 'We're taking our time, but you can see the early signs in Balance. Eventually, there could be a stablecoin.' Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
Yahoo
24-03-2025
- Business
- Yahoo
MoonPay obtains $200m credit facility from Galaxy
MoonPay has secured a $200m 'revolving credit facility' from Galaxy, a financial services firm specialising in cryptocurrency. This enables the company to manage increased transaction volumes driven by current market trends and continue servicing its expanding customer base and address liquidity needs promptly. In 2024, MoonPay reported a 112% year-over-year increase in net revenue. With this new credit facility, the crypto payments firm aims to capitalise on the cryptocurrency market and strengthen its position in the global digital economy, the release said. MoonPay co-founder and CEO Ivan Soto-Wright said: "The recent surge in crypto demand has demonstrated the critical importance of robust and scalable infrastructure. "This revolving credit line from Galaxy provides us with the financial flexibility to meet the increased demand and continue delivering an exceptional user experience. We are thrilled to partner with Galaxy, a recognised leader in the digital asset space, to support our continued growth and expansion." Galaxy founder and CEO Mike Novogratz stated: 'Galaxy is excited to support MoonPay, reinforcing our commitment to driving growth and broadening access within the digital asset ecosystem. Initiatives like this are key to the continued expansion and maturity of the industry, and we look forward to our ongoing collaboration.' This month, MoonPay acquired Iron, a platform focused on stablecoin infrastructure and APIs. This acquisition is expected to enhance MoonPay's business capabilities, including managing multi-currency treasuries, facilitating real-time cross-border payments, and exploring new revenue opportunities through yield-bearing assets. In January this year, MoonPay also acquired Helio, a payment processor built on the Solana blockchain. "MoonPay obtains $200m credit facility from Galaxy " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Forbes
21-03-2025
- Business
- Forbes
MoonPay's Iron Acquisition Signals Stablecoin Industry Consolidation
MIAMI BEACH, FLORIDA - FEBRUARY 20: Ivan Soto-Wright, CEO & Co-Founder, MoonPay, speaks during the ... More second day of the FII PRIORITY Summit held at the Faena Hotel on February 20, 2025 in Miami Beach, Florida. The summit brings together global leaders with a special focus on the Global South to develop strategies to address pressing international issues in areas including healthcare, education, sustainability and AI. (Photo by) The stablecoin industry is witnessing a wave of strategic acquisitions as companies position themselves for dominance in the rapidly expanding digital payments landscape. MoonPay's recent acquisition of Iron, an API-driven stablecoin infrastructure startup, marks yet another significant consolidation in this space, revealing a race to build comprehensive stablecoin payment networks that could rival traditional financial rails. MoonPay's Iron acquisition represents its second major purchase in just two months, following the $175 million acquisition of Helio in January. This aggressive expansion strategy closely mirrors competitor Stripe's record-breaking $1.1 billion acquisition of Bridge Network, which was the largest deal in crypto history. "This is our Braintree moment," MoonPay CEO Ivan Soto-Wright told CNBC, referring to PayPal's historic acquisition of the payments processor that now handles nearly $600 billion in annual payment volume for giants like Meta. The comparison is telling: MoonPay sees stablecoin infrastructure as similarly transformative to how Braintree reshaped online payments. MoonPay, valued at $3.4 billion in its last funding round, isn't making these purchases from a position of weakness. The company reported 112% year-over-year net revenue growth in 2024 and is already profitable and cash-flow positive, demonstrating the financial viability of stablecoin-powered business models. What's driving this acquisition frenzy? According to the CNBC report on the MoonPay-Iron deal, stablecoins facilitated an estimated $27 trillion in transfers during 2024 alone. The recent Dune Artemis report provides additional context, showing that stablecoin monthly transfer volume more than doubled year-over-year, reaching $4.1 trillion in February 2025. As Mike Hudack, founder of Sling Money and ex-CPO of Monzo, noted in a recent interview: This efficiency is attracting serious enterprise attention. MoonPay isn't simply acquiring infrastructure to serve crypto enthusiasts. It's building payment rails that could potentially serve major global corporations seeking cheaper, faster cross-border settlement options. The Dune Artemis report reveals stablecoin supply has grown from $138 billion to $225 billion over the past year, marking a 63% year-over-year increase. This expansion isn't just about more coins in circulation. It represents growing mainstream adoption of stablecoin technology. Standard Chartered recently predicted that stablecoins could grow to represent approximately 10% of all foreign exchange transactions, up from just 1% today. This tenfold growth potential explains why companies like MoonPay and Stripe are racing to secure key infrastructure. "Stablecoins are going to be a very important part" of the future payment landscape, Soto-Wright told CNBC. "We think it is an internet-driven payment method you'll see all across the world." While MoonPay focuses on enterprise infrastructure, companies like Sling Money are approaching the stablecoin revolution from a consumer-first perspective. This divergence in strategy creates an interesting competitive dynamic in the industry. MoonPay's acquisition of Iron strengthens its ability to offer businesses stablecoin payment capabilities, similar to how Stripe's Bridge Network acquisition enables merchants to accept stablecoin payments without directly handling digital tokens. In contrast, Sling Money emphasizes self-custody and peer-to-peer transfers, building what Hudack describes as "the WhatsApp of money." Their focus is on making stablecoins accessible to everyday users in both developed and emerging markets. Both approaches have merit. MoonPay's enterprise strategy might lead to faster institutional adoption, while Sling's consumer approach could drive grassroots stablecoin usage. Either way, the infrastructure to support massive stablecoin adoption is being built at an accelerating pace. A key factor enabling these major acquisitions is increasing regulatory clarity around stablecoins in major jurisdictions. The European Union's Markets in Crypto Assets (MiCA) framework, Singapore's stablecoin regulations, and progress toward U.S. stablecoin legislation have all provided the certainty needed for major corporate investments. "Circle, USDC's issuer, became the first stablecoin provider licensed under the EU's Markets in Crypto Assets (MiCA) framework in 2024," notes the Dune Artemis report, highlighting how regulatory compliance is becoming a competitive advantage rather than a hindrance for stablecoin issuers. This improved regulatory environment makes acquisitions like MoonPay-Iron less risky for both the companies involved and their enterprise customers, who require regulatory certainty before adopting new payment technologies. As MoonPay integrates Iron's technology and Stripe builds on Bridge Network's capabilities, we're likely to see increasingly sophisticated stablecoin payment offerings emerge in the coming months. These platforms will likely focus on seamless fiat on/off ramps for businesses, cross-chain stablecoin liquidity, compliance tools for enterprise stablecoin usage, integration with existing payment processors, and support for multiple stablecoin types. "We think everyone is going to have a digital currency wallet, whether it's inside of a bank account or independently," Soto-Wright explained in his CNBC interview. As this vision materializes, the companies that control the underlying infrastructure will wield significant influence over the future of digital payments. MoonPay's acquisition of Iron represents more than just one company's expansion. It signals a broader maturation of the stablecoin ecosystem from experimental technology to critical financial infrastructure. As consolidation continues and transaction volumes grow, stablecoins are increasingly positioned to challenge traditional payment rails for global dominance. With billions in acquisition capital now flowing into stablecoin infrastructure and monthly transaction volumes reaching trillions of dollars, it's clear that stablecoins have moved beyond the crypto niche and into the mainstream of financial services innovation. The race to build tomorrow's payment rails is now in full swing, and MoonPay's aggressive acquisitions show they're determined to lead the pack.
