MoonPay, a cryptocurrency and NFT buying tool, announced on Tuesday that it raised $86.7 million ($120) in a new investment round. The list of investors includes over sixty celebrities including Bruce Willis, Diplo, Eva Longoria, Justin Bieber, Gwyneth Paltrow and Paris Hilton.
MoonPay, which launched in 2019, dubbed itself “the PayPal of the crypto space” and said it would simplify buying crypto products by allowing consumers to use credit cards and payment services. payment like Apple Pay. Users can buy cryptocurrency on the app through exchanges like Coinbase, or buy NFTs on OpenSea. In 2021, MoonPay completed a $555 million ($770) Series A funding round, led by venture capital firms, which valued the company at $3.4 billion ($5 billion).
Buying crypto with a credit card is not yet commonplace. To buy crypto, you usually first need to join an exchange. Some major cryptocurrency exchanges like Coinbase do not accept credit cards, while some only accept Visa or Mastercard. Worse still, buyers may incur two types of fees when using credit cards – exchange service fee and credit card company cash advance fee.
MoonPay has banked on celebrity endorsements to attract new customers, recruiting celebrities – including Eva Longoria, Jimmy Fallon and Snoop Dogg – to use their service to buy Bored Ape NFT’s; when stars brag about their inexplicable purchases on social media, they mention MoonPay. The company was even gave a shout in the music video for The Weeknd and Post Malone’s new collaboration, “One Right Now.”
Longoria, Snoop Dogg, Malone and The Weeknd are all listed among the “60 top strategic investors” in MoonPay’s funding announcement, as are Anthony Kiedis, Ashton Kutcher, Gal Gadot, James Corden, Jason Derulo, Kate Hudson, Maria Sharapova, Matthew McConaughey, Scooter Braun, Steve Aoki and others.
Gizmodo reached out to MoonPay to find out if and how these celebrities are paid for promoting the app; the company did not immediately return requests for comment, but we’ll update this story if they do.