Justin Bieber, Gwyneth Paltrow invests in cryptocurrency startup MoonPay.

Ivan Soto-Wright, CEO and co-founder of MoonPay, spoke at the Bitcoin 2021 conference in Miami, Florida.

Eva Marie Uzcategui Bloomberg | Getty Images

What do Justin Bieber, Gwyneth Paltrow, Snoop Dogg and Ashton Kutcher have in common? In addition to being A-list celebrities, they are among more than 60 new investors in fintech startup MoonPay.

Additional celebrity investors include Chainsmokers, Drake, Eva Longoria, Jason Derulo, Kate Hudson, Paris Hilton, Matthew McConaughey, Mindy Kaling, Questlove and Shawn Mendes. The new investors will contribute a total of 87 million. USD to 555 million previously announced. The funding phase, led by Tiger Global and Coatu, is valued at $ 3.4 billion by MoonPay. USD.

2018 The Miami – based company ‘s software allows users to buy and sell cryptocurrencies using standard payment methods such as credit cards, bank transfers or mobile wallets such as Apple Pay and Google Pay.

MoonPay is also selling its technology to other companies, including Bitcoin.com, a cryptocurrency website, and OpenSea, an irreplaceable token (NFT) marketplace, a model that CEO Ivan Soto-Wright calls “cryptocurrency as a service.”

NFTs are digital assets that represent real-world objects such as art, music, and real estate and cannot be replicated. In the last few years alone, big brands from all industries, including Coca-Cola, McDonald’s, Nike, Gucci and the National Football League, have incorporated NFTs into their marketing initiatives.

“Many companies can open a very small portion of their rounds, but we wanted to take significant checks on these people because we want them to be part of this story and shape the direction of the product,” Soto-Wright told CNBC.

First of all, when it comes to artists, they don’t want to tour forever, so it’s becoming more diverse, he said.

“Many of them have venture capital portfolios, many of them have their own independent companies, and we approached them by saying, ‘We can help you understand the capabilities of Web3, cryptocurrencies and metaversion,'” Soto-Wright said. “We had virtually no rejections. Everyone wanted to be a part of it.”

MoonPay says that since the platform’s launch in 2019. it was profitable. Its service is now used by more than 10 million customers in 160 countries.

However, investors have a hard time seeing the value of digital art and are baffled by big sales, such as Beeple’s Christie’s for $ 69 million.

Looking to the future, the company plans to spend the money raised on new products and development. It also has ambitions to grab the business community.

“Ultimately, we are aiming to become a joint-stock company,” Soto-Wright told CNBC in November.

However, cryptocurrencies are very volatile, and this has affected even the most famous players in this space. For the first time since mid-March, bitcoin fell below $ 40,000 earlier this week.

– CNBC Ryan Browne contributed to this report.

Godfrey Kemp

"Bacon fanatic. Social media enthusiast. Music practitioner. Internet scholar. Incurable travel advocate. Wannabe web junkie. Coffeeaholic. Alcohol fanatic."

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