- Crypto payments firm MoonPay secures $200m credit line from Galaxy.
- The funding aims to support service delivery and liquidity demands for its 30+ million users.
What happened: MoonPay strengthens financial position with Galaxy credit line
US-based crypto payments firm MoonPay has secured a $200 million credit line from Galaxy, a prominent blockchain and digital asset-focused financial platform managing $5.7 billion in assets. This strategic move is designed to bolster MoonPay’s financial capabilities, ensuring uninterrupted service delivery for its over 30 million users globally.
Founded in 2019, MoonPay has rapidly established itself as a key player in the Web3 infrastructure space, providing services for buying, selling, and exchanging digital assets across 180 countries. The company has experienced significant growth, tipping into profitability in 2024 with a 112% year-on-year increase in net revenue. MoonPay’s recent acquisitions of crypto start-up Helio for $175 million and stablecoin infrastructure platform Iron in January further expanded its service offerings.
The credit line from Galaxy will also help MoonPay meet liquidity demands without delay and manage the increased volume driven by the current surge in market activity. This move underscores MoonPay’s commitment to maintaining robust financial health while continuing to expand its global footprint.
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Why it’s important
The announcement of MoonPay securing a $200 million credit line from Galaxy highlights several key developments in the crypto industry. Firstly, it demonstrates MoonPay’s strategic approach to financial management, ensuring it can continue to provide uninterrupted services to its growing user base.
This is particularly important given the recent surge in market activity and the increasing demand for reliable crypto payment solutions. Secondly, the credit line underscores the confidence that major financial players like Galaxy have in MoonPay’s business model and growth potential. With Galaxy managing $5.7 billion in assets, this partnership is a significant endorsement of MoonPay’s position in the Web3 infrastructure space.
Additionally, the move supports MoonPay’s expansion plans, including its recent acquisitions of Helio and Iron, which have broadened its service offerings and enhanced its technological capabilities. Finally, this development reflects the maturing crypto ecosystem, where established firms are increasingly leveraging traditional financial instruments to support their growth and stability.
