MoonPay Unveils Cryptocurrency Swapping Feature in Its App – Here’s the Latest

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Ruholamin Haqshanas

Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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October 23, 2023 04:31 EDT

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Crypto payments infrastructure firm MoonPay has unveiled a new feature in its app that enables users to swap one cryptocurrency for another. 

“Introducing Swaps! Unlock the value from the assets you already own by swapping over 1,500 trading pairs,” the company said in a recent post on X (formerly Twitter).

Introducing Swaps! 🔄 Unlock the value from the assets you already own by swapping over 1,500 trading pairs. It’s fast, cross-chain with competitive exchange rates.

Download the MoonPay app to get swapping today. pic.twitter.com/MKmzIVriSK

— MoonPay 🟣 (@moonpay) October 6, 2023

The new feature expands the functionality of MoonPay’s retail-facing crypto app, which was launched in May and initially allowed users to purchase cryptocurrencies and manage multiple wallets within the app.

MoonPay claimed that the swapping feature has been optimized to enhance efficiency.

Instead of relying on smart contracts, which can be costly due to their complex operations, MoonPay executes the swaps through two sends: one for receiving the deposit and another for sending the quoted amount. 

This approach reduces the gas required for the swap, making the process more streamlined and cost-effective, as explained by Ivan Soto-Wright, co-founder and CEO of MoonPay.

With a claimed customer base of 16 million users worldwide, MoonPay has been expanding its business beyond its core payments infrastructure model. 

Alongside the app and non-fungible tokens (NFTs), MoonPay launched a venture capital unit in August, aimed at investing in early-stage web3 and fintech startups. 

Additionally, MoonPay made its first acquisition earlier this year, acquiring the web3 creative agency Nightshift to assist brands in offering web3 features.

MoonPay Gathered Attention After Raising $555 Million

The company garnered significant attention and investor support in late 2021 when it raised $555 million in a Series A funding round led by Tiger Global Management and Coatue, resulting in a valuation of $3.4 billion. 

Reportedly, as part of this funding round, Soto-Wright and other MoonPay executives cashed out $150 million by selling their shares. 

Shortly after the funding announcement, Soto-Wright acquired a $38 million mansion in Miami.

However, MoonPay has faced legal challenges in the past. 

In December 2022, the company was hit with a class action lawsuit alleging its involvement in a conspiracy with Bored Ape NFTs creator Yuga Labs and several celebrities to artificially inflate the value of NFTs. 

Additionally, in June 2023, it was claimed that MoonPay gifted valuable Bored Apes NFTs to celebrities as a promotional strategy. 

MoonPay denied the allegations of providing celebrities with free Bored Apes but did not provide further details.

MoonPay’s new addition comes as payment giants continue to expand their suite of crypto products and services. 

Back in August, PayPal announced that it is rolling out its PYUSD stablecoin soon. 

The dollar-pegged asset is issued by Paxos, a blockchain infrastructure firm that used to issue Binance USD (BUSD) stablecoin.

Last month, Coinbase also received regulatory approval to offer perpetual futures trading services to retail customers outside the United States.