As the cryptocurrency industry matures, MoonPay is emerging as a key player providing foundational infrastructure for the forthcoming era of Web3.
With over 30 million verified users across 160 nations and a comprehensive global framework, the firm is facilitating various functions, from fiat conversion to integrated DeFi solutions.
Originally designed to make wallet replenishments simple through Apple Pay and debit cards, MoonPay currently supports API-driven resolutions that are utilized by nearly every prominent DeFi platform.
“We started with a simple question, how do you top up your wallet?” Ivan Soto-Wright, CEO and co-founder of MoonPay, explained in a recent interview. “Now it’s about equipping developers with the means to integrate crypto into daily transactions.”
Ivan Soto-Wright will be presenting on the main stage during Consensus 2025 in Toronto on May 15.
The company is striving towards a completely API-based, headless infrastructure model, enabling developers to incorporate MoonPay into their applications similarly to Stripe.
Helio, one of MoonPay’s recent acquisitions, illustrates this direction, acquired in January for an estimated $175 million.
Despite its vast reach, MoonPay retains the operational mindset of a startup. With a team of merely 300 employees, the focus remains on execution and optimization. The company has experienced a remarkable 112% year-on-year growth, with Q1 2025 marking its most successful quarter to date.
MoonPay generates revenue primarily through transaction fees on cryptocurrency purchases via debit cards, Venmo, and Apple Pay, while exploring zero-fee trading products like “Balance” that enable immediate cash deposits and trading.
Soto-Wright, a recognized entrepreneur and investor, also serves on the Milken Institute Fintech Advisory Council.
His prior experience includes co-founding the smart money mobile application Saveable, launching his professional journey at the London investment company Redington.
CoinDesk: What emerging trends do you perceive in the cryptocurrency sector?
Soto-Wright: “Decentralized exchanges (DEXs) will surpass centralized exchanges (CEXs), as users seek autonomy over their assets but expect the seamless experience of centralized platforms.”
“MoonPay believes that crypto transactions should increasingly become peer-to-peer, leveraging decentralized exchanges, with current market dominance by DEXs at about 30%. This trend is expected to continue, with DeFi’s global reach minimizing costs by eliminating intermediaries.”
What developments do you foresee in the wallet market?
Soto-Wright: “Cryptocurrency wallets will ultimately replace traditional bank accounts. Users will manage multiple wallets much like we handle various bank accounts today. MoonPay is committed to providing the essential infrastructure that supports these wallet experiences through our MoonPay Widget and APIs.”
Is MoonPay planning additional acquisitions in the near future?
Soto-Wright: “Mergers and acquisitions (M&A) are significant growth drivers for our organization. We see it as a means to act swiftly and introduce more market-ready products. Identifying the right companies to align with our vision for the future of payments is crucial. Our acquisition of Helio unlocked our capacity to facilitate crypto transactions for merchants.”
“We remain open to M&A,” Soto-Wright affirmed, noting past acquisitions have consistently been cash-flow positive from the outset. “Our strategy is about speed, expanding by bringing together exceptional teams with a strong founder mentality.”
What are customers primarily looking for: improved user experience?
A pivotal focus for MoonPay is transitioning from custodial to non-custodial finance. “We advocate for a non-custodial approach to cryptocurrency,” stated the company’s CEO.
To aid this transition, MoonPay is developing its version of the “CEX experience within a DeFi setting,” simplifying DeFi complexities—wallets, UTXOs, compliance—into easily integrable SDKs and widgets. “This approach resembles packaging the convenience of a centralized exchange and placing it within your own wallet.”
What does the future hold for MoonPay?
While not officially announced, a MoonPay stablecoin might be forthcoming. “We’re proceeding cautiously, but you can observe initial indicators in Balance. A stablecoin could be on the horizon.”
READ MORE: Why MoonPay and PayPal Partnered to Expand Crypto Adoption in the U.S.
