MoonPay announced the acquisition of the startup Iron, marking a significant step in expanding its payment solutions.
MoonPay's Acquisition of Iron
MoonPay has completed the acquisition of Iron, a startup specializing in API-driven stablecoin infrastructure. This marks MoonPay's second major acquisition in two months, following the deal with Helio.
Technology and Objectives of the Deal
With Iron's technology, MoonPay aims to offer businesses instant, low-cost, and borderless stablecoin transactions. CEO Ivan Soto-Wright noted that this deal represents MoonPay’s equivalent of PayPal's Braintree acquisition.
Stablecoin Market and Competitive Landscape
In 2024, the stablecoin market witnessed $27 trillion in transactions, with businesses increasingly adopting blockchain payments. MoonPay's expansion comes amid competition with major players like Stripe, which recently acquired Bridge Network in a $1.1 billion deal. MoonPay, valued at $3.4 billion, reported a 112% increase in net revenue in 2024.
The acquisition of Iron strengthens MoonPay’s position in the stablecoin sector, enhancing its blockchain-based payment capabilities.
