Celebrity-backed crypto exchange MoonPay receives Irish VASP license
MoonPay, a crypto exchange backed by celebrities, has been granted a Virtual Assets Service Provider (VASP) license in Ireland. This license allows MoonPay to facilitate fiat-to-crypto and crypto-to-fiat exchanges in the country. MoonPay raised over $86 million from celebrities like Justin Bieber, Snoop Dogg, and Paris Hilton last year.
Main breakdowns:
- MoonPay obtains VASP license in Ireland
- License enables fiat-to-crypto and crypto-to-fiat exchanges
- Coinbase and Gemini also secured VASP licenses in Ireland
- Irish young adults show interest in crypto investments
- Expected increase in crypto users in Ireland by 2027
Coinbase and Gemini are among other crypto exchanges that have obtained VASP licenses to serve customers in Ireland. This development is in response to the growing interest in crypto investments, particularly among Irish young adults. According to Statista, there were 692,000 crypto users in Ireland in 2022, with estimates suggesting this number will nearly double to 1.2 million users by 2027.
Hot Take:
MoonPay’s VASP license in Ireland positions it to tap into the increasing demand for crypto services in the country. With the support of celebrity investors, MoonPay has the potential to attract a significant user base and establish itself as a leading player in the Irish crypto market.
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