MoonPay's app introduces a feature allowing cryptocurrency swaps.

MoonPay, a firm specializing in crypto payment infrastructure, unveiled its customer-centric crypto app in May, which grants users the capacity to purchase cryptocurrencies and manage numerous wallets on the platform. With the new swapping feature, the app's capability is significantly enhanced.

"When we integrated the swap function in the MoonPay app, our approach was to refine the execution of the swap," commented Ivan Soto-Wright, the CEO and co-founder of MoonPay, in a discussion with The Block.

He further clarified, "Instead of leveraging smart contracts for the swap — which can become quite pricey due to the intricate nature of the smart contract operations — we at MoonPay proceed with two transactions (receiving the deposit and then forwarding the quoted amount). This method is more gas-cost effective since it reduces the necessary operations for the swap."

Globally, MoonPay boasts a clientele of 16 million.

A Glimpse into MoonPay:

MoonPay, established in 2018, has recently expanded its foundational business strategy beyond payment infrastructure aimed at consumer-oriented businesses, to encompass the app and NFTs. This August, the firm also inaugurated its venture capital branch, targeting investments in budding web3 and fintech enterprises. Earlier in the year, MoonPay announced its maiden acquisition, securing web3 creative agency Nightshift to enhance brands with web3 functionalities.

Following a monumental Series A funding round of $555 million, spearheaded by Tiger Global Management and Coatue, MoonPay was estimated at a worth of $3.4 billion in late 2021. Reports suggest that during this round, Soto-Wright, along with some MoonPay executives, netted $150 million through share sales. Subsequent to the announcement of this funding, Soto-Wright procured a lavish $38 million Miami mansion.

Last December, a class-action lawsuit targeted MoonPay, alleging a collusion with Bored Ape NFTs' founder Yuga Labs and various celebrities, accusing them of artificially ramping up NFT values. The Block revealed in June that MoonPay reportedly presented celebrities with precious Bored Apes NFTs to boost its brand. Nevertheless, MoonPay refuted handing out Bored Apes to celebrities for free, without elaborating further.