MoonPay, often hailed as the “PayPal for crypto,” is reportedly in discussions to acquire Helio Pay, a cryptocurrency e-commerce platform, for approximately $150 million. If finalized, this would mark MoonPay’s largest acquisition to date, according to FOX journalist Eleanor Terrett.
Expanding Crypto Payment Horizons
Helio Pay, known for enabling over 6,000 merchants and creators to accept payments in Bitcoin, Ethereum, stablecoins like USD Coin, and hundreds of other cryptocurrencies, could significantly bolster MoonPay’s merchant services. A standout feature of Helio is its seamless integration with Solana Pay on Shopify, the popular e-commerce platform boasting over 138 million monthly users.
This synergy between Helio and MoonPay could amplify their global reach, tapping into a vast market of businesses and consumers increasingly adopting cryptocurrency payments.
MoonPay’s Rapid Global Expansion
Founded in 2018 by Victor Faramond and Ivan Soto-Wright, MoonPay simplifies the adoption of digital assets with an extensive user base spanning 20 million people across 160 countries. The acquisition of Helio aligns with MoonPay’s strategy to dominate the crypto payments sector.
MoonPay has also launched several initiatives, including:
- MoonPay Balance: A fiat-to-crypto on-ramp launched in November 2023 across 27 countries.
- Fiat PayPal Integration: Users in 24 EU states, the UK, and the US can now purchase cryptocurrency via PayPal.
Despite these strides, MoonPay has yet to penetrate key markets such as the United States and Germany, signaling room for growth.
Strategic Partnerships and Innovation
MoonPay’s collaboration with Mastercard in October 2023 highlights its ambition to expand Web3 integrations and improve user connectivity. Other developments include:
- A crypto swap feature for seamless currency exchange within its app.
- Adding Mike Lempres, former Coinbase and a16z executive, to its board of directors amid regulatory challenges.
In addition, MoonPay’s $1 million donation to Stand With Crypto earlier this year demonstrates its commitment to advancing digital asset advocacy.
Strengthened by Investor Support
MoonPay’s robust investor backing includes a $555 million Series A funding round in 2021, led by Tiger Global Management and Coatue, valuing the company at $3.4 billion.
Why This Acquisition Matters
By integrating Helio Pay’s capabilities, MoonPay positions itself as a dominant force in crypto payments, particularly as PayPal expands its PYUSD stablecoin to Solana blockchain with enhanced privacy features.
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