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Dozens of VIP backers are investing $87 million in crypto payments startup MoonPay

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In November 2021, MoonPay announced a $555 million Series A funding round, bringing the crypto payments platform’s valuation to $3.4 billion. On Wednesday, the fintech firm announced that $87 million of the $555 million combined came from more than 60 public figures and celebrities from the music, sports, media and entertainment industries.

While the Series A round was led by firms such as Tiger Global Management and Coatue, with participation from Blossom Capital, Thrive Capital, Paradigm and NEA, the following well-known names are also considered strategic investors: Gwyneth Paltrow, Maria Sharapova, Eva Longoria, Gal Gadot , Matthew McConaughey and Bruce Willis. Other “industry VIPs” like Ashton Kutcher, Justin Bieber, Snoop Dogg, Paris Hilton and Steve Aoki are all already deeply involved in the crypto and non-fungible token (NFT) space.

Related: Snoop Dogg may be the face of Web3 and NFTs, but what does that mean for the industry?

The company said this funding and continued investor support will allow it to accelerate its international expansion, grow the team and attract new partners. MoonPay’s long-term mission is to improve access to cryptocurrency for the next 1 billion people by 2030.

MoonPay is best known for allowing users to buy cryptocurrencies and NFTs using a credit or debit card, bank transfers, or mobile wallets on Apple Pay and Google Pay. The investments have enabled the fintech startup to create new products like NFT Checkout and MoonPay Concierge, a referral-based service for high net worth individuals to buy crypto and NFTs on their behalf for a fee. For example, when actress Gwyneth Paltrow wanted a Bored Ape Yacht Club (BAYC) NFT, she went to MoonPay and then thanked the company via Twitter.

Paltrow, who is also a co-founder of Kinship Ventures, said in a statement that “Web3 inspires the entertainment industry and commerce generally, the way we create communities, connect with fans, create value and manage intellectual property , to reconsider. “

Rapper Post Malone even featured MoonPay in his music video for “One Right Now.”With The Weeknd by purchasing a BAYC NFT through the on-screen app. In addition to the music video, Malone recorded his purchase of two Bored Apes for a total of 160 Ether (ETH) worth around $682,000 in MoonPay-sponsored TikTok videos.

In addition to actors and artists, athletes such as Paul George, seven-time NBA All Star and Olympic champion, also recognized this “Crypto and NFTs will be key to maximizing pro esports business as we look ahead.”

Related: High-profile athletes spend huge sums on NFTs: Here’s why

When asked how MoonPay plans to bring the world into Web3, Justin Hamilton, MoonPay’s head of communications, told Cointelegraph that the company is “focused on fostering a healthy ecosystem of partners with a reliable payment infrastructure.” He added that the best way to encourage adoption is “to give creators the ability to own their intellectual property and have greater control over their creative output and financial backing.”

To date, 10 million customers in 160 countries have processed nearly $3 billion worth of transactions through MoonPay through more than 250 partner sites including Bitcoin.com and OpenSea, according to the company.