MoonPay App Introduces Swaps Functionality for Cryptocurrency Exchange
MoonPay, a crypto payments infrastructure firm, has announced the launch of its swaps functionality on its retail-facing crypto app. This new feature allows users to easily exchange one cryptocurrency for another within the app. With the addition of swaps, MoonPay aims to enhance the functionality and convenience for its app users.
According to Ivan Soto-Wright, co-founder and CEO of MoonPay, the implementation of swapping on the app optimizes the execution process. Unlike using smart contracts, which can be costly and complex, MoonPay conducts two sends—one for receiving the deposit and another for sending the quote amount—making it more gas efficient and reducing the number of operations required for the swap.
MoonPay currently boasts 16 million customers worldwide.
MoonPay’s Background and Recent Developments
Established in 2018, MoonPay initially focused on providing payments infrastructure for consumer-facing businesses. However, the company has recently diversified its offerings by launching its crypto app and venturing into NFTs. In addition, MoonPay has established a venture capital unit to invest in early-stage web3 and fintech startups.
In late 2021, MoonPay achieved a valuation of $3.4 billion after securing a $555 million Series A funding round led by Tiger Global Management and Coatue. Following this funding round, CEO Ivan Soto-Wright reportedly sold shares worth $150 million. Notably, Soto-Wright also purchased a $38 million mansion in Miami.
Last December, MoonPay faced a class action lawsuit alleging collusion with Bored Ape NFTs creator Yuga Labs and various celebrities to artificially inflate the value of NFTs. Furthermore, The Block reported in June that MoonPay had gifted celebrities valuable Bored Apes NFTs as a promotional strategy, although MoonPay denied providing the NFTs for free.
Hot Take: MoonPay Expands App Functionality with Swaps Feature
MoonPay’s introduction of the swaps functionality on its crypto app is a significant step towards enhancing the user experience and versatility of the platform. By allowing users to easily exchange cryptocurrencies within the app, MoonPay eliminates the need for external exchanges or complex smart contracts, making it more accessible and cost-effective for its customers.
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