MoonPay

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MoonPay
Founded	2018–2019
Headquarters	Miami, Florida, United States
Key People	Ivan Soto-Wright (Chief Executive Officer), Victor Faramond (Co-founder)
Employees	250+
Products	Crypto on-ramp and off-ramp infrastructure; NFT issuance and management tools; compliance and custody-related services
Twitter	@moonpayhq
LinkedIn	Profile
Facebook	Page
Website	https://www.moonpay.com
Releases	Company News
Blog	https://www.moonpay.com/blog

MoonPay is a financial technology company that develops payments infrastructure to enable individuals and businesses to buy, sell, and transfer cryptocurrencies and stablecoins using traditional payment methods such as cards, bank transfers, and digital wallets. MoonPay operates as a crypto on-ramp and off-ramp provider, integrating its services into partner applications and platforms so users can convert fiat currencies into digital assets and back, while the company manages payment processing, fraud screening, and compliance controls across multiple jurisdictions, including the United States, Europe, and other markets. The company focuses on serving both retail users and business clients such as asset managers, banks, proprietary trading firms, web3 projects, and consumer brands that require embedded electronic trading infrastructure for digital assets, while positioning itself as a regulated intermediary in a rapidly evolving global crypto market.​

MoonPay is headquartered in Miami and was founded in 2018–2019 by Ivan Soto-Wright and Victor Faramond, who previously worked together in digital asset and venture capital roles. Since launch, MoonPay has expanded its product suite from basic crypto purchases into tools for non-fungible token (NFT) issuance, smart contract deployment, and enterprise-grade services, while also pursuing regulatory authorizations such as money transmission licenses and virtual asset service provider approvals in various jurisdictions. The firm has raised venture capital funding, reported processing billions of dollars in transaction volume within its first years of operation, and attracted brand partnerships in sectors including entertainment, sports, and luxury goods as part of broader efforts to integrate bitcoin, NFTs, and other digital assets into mainstream commerce.​

History

MoonPay emerged during a period of rapid expansion in global cryptocurrencies markets, when retail interest in digital assets was growing but technical barriers to entry remained high. In 2018, Ivan Soto-Wright, who had prior experience in institutional finance and had founded an earlier fintech company called Saveable, identified frictions in the process of purchasing bitcoin and other digital assets directly within mobile wallets and applications. At the time, many users were required to register on standalone exchanges, complete know-your-customer (KYC) verification, and manually transfer assets to separate wallets, a process that was time-consuming and discouraging for new entrants to the market. Soto-Wright and engineer Victor Faramond, who had worked together at the venture firm Hodl.vc, concluded that there was a commercial opportunity in providing a standardized API and widget that wallet providers and web3 applications could embed, enabling users to buy cryptocurrencies with traditional payment methods from within those apps.​

MoonPay was formally launched in 2019 as a small team based in Miami, initially focusing on providing a simple interface for exchanging fiat currencies into popular digital assets such as bitcoin and ethereum. The company’s early business model centered on acting as a payment processor and compliance layer for partner wallets and platforms, handling card payments, anti-fraud checks, and regulatory obligations while returning purchased assets directly to users’ self-custody wallets rather than holding them on an exchange. In its first two years of operation, MoonPay reported processing more than 2 billion USD in transaction volume, serving millions of customers, and establishing partnerships with hundreds of businesses globally, reflecting rapid adoption amid broader growth in cryptocurrencies and decentralized finance (DeFi).​

The macroeconomic environment following the 2017–2018 crypto boom and subsequent market correction shaped MoonPay’s early growth trajectory. As digital asset markets recovered in 2020–2021, driven by institutional interest, decentralized finance applications, and a renewed retail wave, demand increased for compliant, user-friendly electronic trading channels that allowed consumers to enter the market without navigating complex exchange interfaces. MoonPay positioned itself as a “checkout” layer that could be integrated into exchanges, wallets, and applications, allowing those partners to focus on product development while outsourcing payment rails and KYC/AML functions. This approach aligned with broader trends in fintech, where embedded finance solutions allowed non-financial companies to offer financial services through white-label infrastructure.​

In November 2021, during a period of elevated valuations and funding activity across the crypto sector, MoonPay announced a large Series A financing round reportedly totaling 555 million USD, which implied a valuation of approximately 3.4 billion USD. The funding, led by venture capital firms and including participation from high-profile individual investors, reflected investor expectations that demand for regulated crypto-access infrastructure would continue to grow as more consumer applications integrated digital assets. The capital enabled MoonPay to expand its engineering, compliance, and customer support teams, enhance its fraud detection systems, and pursue geographical expansion.​

Following the 2021 funding round, MoonPay broadened its product focus beyond basic futures or spot-like purchase flows into areas related to non-fungible tokens and digital collectibles. The company launched tools enabling brands and creators to mint, manage, and distribute NFTs, including a no-code platform and a service later branded HyperMint that allowed enterprises to deploy smart contracts, set royalty structures, and manage token issuance at scale. This initiative positioned MoonPay as an infrastructure provider for companies seeking to experiment with NFTs for loyalty programs, digital merchandise, and ticketing, in a period when NFTs received significant mainstream attention despite volatile valuations and questions about long-term utility.​

MoonPay’s history has also been shaped by evolving regulatory expectations around cryptocurrencies and virtual asset service providers. As jurisdictions such as the United States, the European Union, and the United Kingdom developed or refined frameworks for licensing companies providing crypto-fiat conversion services, MoonPay sought registrations and licenses to operate legally in those markets, including money transmitter or equivalent licenses in U.S. states and local approvals in other regions. In 2025, MoonPay secured dual authorization in New York State via a BitLicense and a trust charter from the New York State Department of Financial Services, allowing it to offer regulated custody and institutional services under a fiduciary regime and aligning it more closely with standards applied to other financial intermediaries. This development occurred as regulators globally sought to impose stricter compliance and anti-money laundering rules on virtual asset providers following high-profile failures and market disruptions in the crypto industry.

Products and Services

MoonPay’s core product offering centers on on-ramp and off-ramp infrastructure that enables users to buy and sell cryptocurrencies and stablecoins using familiar payment methods. Through its consumer-facing interface and white-labeled widgets, MoonPay allows users to purchase digital assets such as bitcoin, ethereum, and various other tokens using credit and debit cards, bank transfers, and alternative payment methods including Apple Pay, PayPal, and similar services, subject to local availability. For users seeking to exit digital assets back into fiat currencies, MoonPay provides off-ramp services that transfer proceeds to bank accounts or supported payment channels, and in some cases allows for direct swaps between different cryptocurrencies.

For businesses, MoonPay offers integration tools that embed crypto purchasing and selling functionality within partner applications, websites, and wallets. These tools include APIs, software development kits (SDKs), and hosted checkouts that handle payment processing, user authentication, and KYC/[[anti-money laundering]] checks, while providing partners with reporting and settlement information. MoonPay’s business clients include exchanges, wallet providers, NFT marketplaces, and consumer-facing brands that want to offer digital asset purchases without building their own card processing, fraud detection, or regulatory infrastructure. The company reports supporting dozens of fiat currencies and over one hundred digital assets across a large number of countries, though specific asset and feature availability depends on local regulations.

In addition to its on-ramp and off-ramp services, MoonPay has developed tools aimed at the NFT and broader web3 ecosystem. Its platforms enable creators and enterprises to design and deploy smart contracts, mint NFTs, manage collections, and route proceeds or royalties to stakeholders, often without requiring in-depth technical knowledge of blockchain programming. These services are used in campaigns such as digital collectibles, membership passes, and token-gated experiences, and have been adopted by entertainment, sports, and fashion brands seeking to experiment with blockchain-based engagement initiatives. MoonPay’s infrastructure also handles associated payment flows for NFT purchases, allowing buyers to pay with fiat methods while the system manages on-chain execution and settlement.

MoonPay’s platform incorporates risk management and compliance functions that are essential for operating in regulated markets. The company employs KYC verification, transaction monitoring, sanctions screening, and fraud detection systems to identify suspicious activity and ensure that it meets local regulatory requirements for anti-money laundering programs. These functions are particularly important as MoonPay serves as a gateway between traditional financial systems and blockchain networks, where concerns about illicit finance, hedging of regulatory exposure, and consumer protection have prompted regulators to scrutinize virtual asset service providers.

MoonPay positions its institutional and enterprise offerings as infrastructure for entities such as asset managers, banks, and institutional investors that require regulated custody, over-the-counter (OTC) execution, and compliant access to digital assets. With its New York trust charter and other licenses, the company can provide custody and related services under a fiduciary framework to certain institutional clients, potentially reducing counterparty risk relative to unregulated service providers. This aligns with broader industry efforts to bring digital assets into regulated frameworks where central counterparties, swap dealers, and other intermediaries operate under established supervisory regimes, and reflects growing interest in integrating blockchain-based instruments into traditional portfolios while maintaining oversight and liquidity management standards. ​

Key People

• Ivan Soto-Wright, Co-Founder and Chief Executive
• Victor Faramond, Co-Founder

Controversies

MoonPay has faced regulatory and licensing challenges in certain jurisdictions, illustrating tensions between rapidly expanding crypto infrastructure firms and local authorities tasked with enforcing new legal frameworks for virtual asset services. In 2021, the Malta Financial Services Authority (MFSA) issued a regulatory action against a MoonPay entity under the country’s Virtual Financial Assets (VFA) regime, ultimately deciding not to grant a license and directing the company to cease operations from or within Malta. The regulator determined that MoonPay had not satisfied pre-licensing conditions following an earlier in-principle approval, and the company was required to halt its activities in the jurisdiction, highlighting the complexities of meeting evolving requirements in emerging virtual asset hubs. ​

MoonPay has also drawn attention regarding its attempts to secure licenses in other offshore jurisdictions, such as Seychelles, where local authorities reportedly rejected an application under virtual asset service provider rules and asked the company to withdraw or cease operations. Commentary from compliance professionals and industry observers has suggested that such rejections can raise broader questions for other regulators about issues including disclosure of prior licensing outcomes, ownership transparency, and adherence to anti-money laundering standards across jurisdictions. While these discussions have not necessarily alleged specific misconduct, they underscore how licensing setbacks can influence perceptions of a company’s risk profile and the importance of consistent regulatory engagement, particularly for firms that present themselves as “compliance-first” gateways to digital asset markets. ​

Additionally, MoonPay’s role as an on-ramp provider used by certain offshore online gambling platforms has been cited by critics as a potential point of concern for regulators focused on responsible gaming and cross-border financial flows. Observers have noted that when an intermediary facilitates payments for operators in regions with differing standards for consumer protection or gambling regulation, authorities may scrutinize whether the intermediary’s compliance controls adequately address risks such as money laundering, problem gambling, or unauthorized access by users in restricted jurisdictions. These debates occur against a broader backdrop of regulatory efforts to clarify responsibilities within complex value chains that connect fiat payments, cryptocurrencies, and activities such as gambling or high-risk trading, where distinctions between speculating and entertainment can be blurred. ​

The company has not been widely associated in public reporting with enforcement cases similar in profile to some of the largest actions against crypto exchanges or lending platforms; however, the licensing disputes and public commentary about its regulatory status emphasize the importance for MoonPay of maintaining transparent communication with regulators and partners. For market participants and institutional investors evaluating partnerships with such providers, these issues form part of a broader assessment of counterparty risk and governance practices in an industry where standards for disclosure and oversight are still developing relative to traditional financial markets. ​