MoonPay Eyes London for Expansion with Talent Onboarding in View

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As a researcher with a background in fintech and digital currencies, I’m excited about MoonPay’s expansion plans into the United Kingdom. Having closely followed the company’s growth since its launch in 2019, I’ve been impressed by its ability to provide seamless access to digital assets and its focus on safety and fraud prevention.

MoonPay, a digital currency payment platform, has identified the United Kingdom as its next target for expansion. To initiate this process, they intend to hire an extra 20 employees prior to opening an office in London, as reported by Bloomberg.

MoonPay Strategic Hiring and Expansion Plans In London

According to Ivan Soto-Wright, CEO of Moonpay, our goal is to expand our team and reach over 100 employees when we open our London office in the Spitalfields area next year. Currently, we have approximately 80 employees on board.

According to Soto-Wright’s account, Moonpay is primarily focusing on hiring engineers and compliance personnel. The rationale behind their choice to establish a presence in London lies in the favorable regulatory landscape and the accessibility of a large pool of skilled workforce in these fields.

“Soto-Widget noted that it can be challenging to consistently recruit top-notch product and engineering talent outside the UK.”

In the year 2021, after a successful funding round, Moonpay was appraised with a valuation of $3.4 billion. Moonpay is celebrated for its innovative software enabling effortless conversion between traditional money (fiat currency) and digital currencies (crypto assets).

MoonPay is seeking approval from the UK’s Financial Conduct Authority (FCA) to obtain an electronic money license. If successful, this permit would enable MoonPay to offer fiat currency account services directly, bypassing the need for intermediaries. In late 2022, MoonPay accomplished registration with the FCA.

At that point in time, Moonpay’s decision suggested their commitment to adhering to local anti-money laundering regulations.

Strategic Partnerships and Technological Integration

As a financial analyst, I’d put it this way: Since its launch in 2019, Moonpay has grown exponentially and now caters to over 160 countries worldwide. Being a leading fintech firm, we serve as the gateway to digital assets in the cryptocurrency market for our clients. The US continues to be our largest market, but the UK holds a significant second place in terms of user base and demand.

A leading digital currency payment platform caters to more than 300 prominent websites, digital wallets, and applications. Moonpay sets itself apart with its secure payment transfer and effective fraud prevention measures. Consequently, in the year 2023, Mastercard Inc (NYSE: MA), a renowned card company, joined forces with Moonpay to incorporate blockchain technology into their system. The primary motivation behind this collaboration was to enhance customer loyalty.

Through our partnership, Mastercard’s Crypto Credential system was opened up for use in Moonpay’s payment app. As outlined in the contract, we also explored opportunities to incorporate Mastercard’s “Send and Click to Pay” technology into Moonpay’s Web3 infrastructure.

As an analyst, I’ve observed that Trust Wallet, a decentralized crypto wallet platform, has formed a partnership with Moonpay. This collaboration enables Trust Wallet users to convert their tokens into fiat currency directly through the app. These strategic alliances have significantly contributed to Moonpay’s growth in both the cryptocurrency and mainstream financial markets over the years.

Some investors view the US as less welcoming to cryptocurrency advancements; MoonPay aims to tap into new user bases by broadening its operations in the UK instead.

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2024-07-11 17:42