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MoonPay’s Concierge Service Helps Members Purchase NFTs
04/03/22

MoonPay's Concierge Service Helps Members Purchase NFTs

Fintech company MoonPay offers a "crypto concierge service" that handles the sourcing and purchasing of digital collectables and blockchain-based assets for users. 

MoonPay lets users buy cryptocurrencies and other web3 assets using traditional payment methods like credit cards, bank transfers and mobile wallets, as well as sells its next-generation digital transaction solution to other businesses. MoonPay's innovative way-in to purchasing cryptocurrencies and crypto-backed goods through a non-blockchain wallet makes it much easier for the everyday consumer to gain exposure to digital assets, and this ease of access has seen MoonPay raise a staggering $555 million in its first-ever financing round. The investment was led by venture capital heavy-hitters and web3 goldrushers Tiger Global and Coatue, and values the company at around $3.4 billion. 

The three-year-old fintech firm’s “crypto-as-a-service” platform is an attractive offering for the vast majority of consumers who may suffer from a particular kind of “cart abandon” when setting up crypto wallets, or attempting to engage with web3 technology and blockchain-based protocols in other ways. The company aims to make crypto accessible to the masses by serving as a gateway, both literally and figuratively, to digital asset classes including bitcoin, ethereum, and other popular cryptocurrencies, as well as digital tokens and collectibles like NFTs. To do so, MoonPay both integrates and sells its technology to other businesses like the crypto website Bitcoin.com and popular digital asset marketplace OpenSea, making it so that brands, platforms, and even individual creators can securely and easily buy and sell crypto and NFT assets. 

MoonPay has been used by musicians and celebrities like Diplo, DJ Khaled, Martin Garrix, Future, and even Gwyneth Paltrow and Madonna, who were all drawn to the solution's seamless handling of web3 transactions. One popular use of the platform by these celebrities is using MoonPay’s concierge service for purchasing NFTs, particularly Bored Apes. The service is used by around 7 million members as of writing, and just added James Freis, a former top money-laundering prevention official at the U.S. Treasury, as a special adviser for regulatory matters to help direct the company's fraud and money laundering prevention efforts. 

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This article originally appeared in the PSFK report, Product Drop Strategy.