Crypto payment giant MoonPay is expanding its push into the enterprise market as a result of the acquisition of Iron, an API-first stablecoin infrastructure startup.
In this case, it is the second significant acquisition made by the crypto payment giant in the current year. It is also worth noting that this deal is evidence that MoonPay is striving to dominate the fast-growing stablecoin payments market.
The mentioned crypto payment giant is already making it easier for people to participate in the new crypto economy. The company enables onboarding through most traditional payment rails, including debit cards, bank accounts, PayPal, Venmo, Apple Pay, and Google Pay.
After the acquisition of Iron, MoonPay will be able to offer companies the ability to accept payments in stablecoins, unlocking instant, low-cost, and borderless transactions.
Stablecoins are cryptocurrencies pegged to real-world assets. Last year alone, most of the $27 trillion transferred through stablecoins consisted of digital dollars that moved seamlessly across blockchains.
As for the second acquisition made by MoonPay in the current year, in this case, it means a purchase of Helio. The cost of this deal was $175 million. The mentioned acquisition was completed in January.
Companies operating in the financial services industry, including both legacy banks and novice payment providers, are adopting stablecoins or exploring the possibility of launching their own. Stablecoins make it easier and cheaper to switch between currencies and to move money digitally.
The Standard Chartered report predicts that the share of stablecoins in foreign exchange transactions may grow to about 10%. It is worth noting that currently, the corresponding figure is 1%.
MoonPay’s purchase comes a month after Stripe concluded a deal worth $1.1 billion to buy another payment infrastructure company called Bridge Network. This is the largest deal for both Stripe and the crypto ecosystem as a whole. The Bridge Network makes it easier for companies to accept payments in stablecoins without having to directly deal in digital tokens. Among the clients of this firm are Coinbase and SpaceX.
As we have reported earlier, Corsair Capital Acquires Stake in Platform IDnow.
