Investors are now looking elsewhere as the United States is being considered hostile to crypto, and now MoonPay is working on an expansion to the UK.
MoonPay, a digital currency payment platform, has identified the United Kingdom as a potential expansion destination. Nevertheless, Bloomberg reports that Moonpay intends to recruit an additional 20 employees before the opening of its London office.
MoonPay’s Expansion and Strategic Hiring Initiatives in London
Moonpay’s London office, which is scheduled to open in the Spitalfields area next year, is anticipated to employ more than 100 individuals, according to Chief Executive Officer Ivan Soto-Wright in an interview. There are approximately 80 employees employed by the payment platform at present.
Moonpay primarily seeks to hire compliance personnel and engineers. The company’s decision to relocate to London was influenced by the regulatory-friendly environment, as Soto-Wright explained. Additionally, Moonpay’s capacity to recruit proficient personnel was another compelling factor.
“The UK has an exceptionally high talent density.” Soto-Wright asserted that it is challenging to acquire consistently high-quality product and engineering talent in other regions of the world.
Moonpay was valued at $3.4 billion in 2021 following its funding round. Moonpay is distinguished by its software, which enables investors to transition between fiat currency and crypto assets seamlessly.
MoonPay is in the process of applying for an electronic money license in the United Kingdom. If approved, the payment platform will be able to offer fiat-currency account services without the necessity of an intermediary. In December 2022, Moonpay obtained registration with the Financial Conduct Authority (FCA) of the United Kingdom. This is particularly noteworthy.
At the time, the action signified Moonpay’s readiness to adhere to local money laundering regulations.
Technological Integration and Strategic Partnerships
Launched in 2019, Moonpay has since expanded to more than 160 countries. The fintech company provides access to digital assets in the cryptocurrency market. MoonPay’s second-largest market is the United Kingdom, following the United States.
Over 300 prominent websites, wallets, and applications are supported by the digital currency payment platform. Moonpay’s distinctive selling proposition is its emphasis on fraud prevention and payment delivery security. Consequently, in 2023, Mastercard Inc (NYSE: MA) formed a partnership with Moonpay to incorporate blockchain technology into its system. The goal was to increase consumer loyalty.
The payment program was also able to employ Mastercard’s Crypto Credential system as a result of the collaboration. Other areas of exploit, as stipulated in the agreement, included the integration of Mastercard’s ‘Send and Click to Pay’ technology service into Moonpay’s Web3 platform.
In the same vein, Moonpay collaborated with Trust Wallet, a decentralized crypto wallet service provider. The app enabled Trust Wallet users to convert tokens to fiat through the collaboration. These partnerships have enabled Moonpay to broaden its presence in the mainstream financial and crypto ecosystems over the years.
MoonPay is of the opinion that its expansion to the United Kingdom can assist in the acquisition of new users, as some investors perceive the United States as relatively hostile to crypto innovations.
