Quick take:
- The acquisition follows MoonPay’s recent purchase of crypto payments processing infrastructure provider Helio in January.
- Iron’s purchase allows MoonPay to offer stablecoin payments to enterprises, whilst unlocking “instant, low-cost, and borderless transactions.”
- Iron’s developer-first APIs allow companies to move money in real-time, manage multi-currency treasuries, and generate new revenue streams from yield-bearing assets like U.S. treasuries.
MoonPay has announced the multi-million dollar acquisition of API-driven stablecoin infrastructure platform Iron. According to reports on Thursday, the deal is worth at least $100 million, making it the second major acquisition by the crypto payments firm over the past two months.
In January, the company acquired crypto payments processing infrastructure provider Helio for $175 million in a move to advance its crypto payments services. Thursday’s acquisition announcement further accelerates its strategy to onboard enterprises into the industry amid high expectations that the Trump administration will deliver clear regulations for digital assets.
“We think everyone is going to have a digital currency wallet, whether it’s inside of a bank account or independently. And we build a backwards compatibility to the existing financial system,” MoonPay Co-Founder and CEO Ivan Soto-Wright told CNBC’s “Squawk Box”.
Soto-Wright compares MoonPay’s acquisition of Iron to PayPal’s purchase of Braintree, which handles credit card processing for companies like Meta, adding that “Iron’s technology positions MoonPay to become the definitive infrastructure provider for enterprise stablecoin solutions.”
MoonPay claims to have more than 30 million accounts in over 180 countries, with Soto-Wright also telling CNBC that revenue last year grew 112% compared to the prior year.
Explaining its role in the global payments rails, he described crypto payments as an “internet-driven payment method you’ll see all across the world.”
“If you think about the United States, we have been a little bit behind. Real-time payments has taken years to get rolled out. We actually think wallets can help skip that technology jump and stablecoins are going to be a very important part of that.”In a statement shared on the X platform, MoonPay said: “With Iron’s technology, we’re putting the power and speed of stablecoins into the hands of enterprises, fintechs, and global merchants.”
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