Payment service MoonPay announced the launch of a venture division that will focus on financial and Web3 startups at an early stage.
MoonPay Ventures has already invested in several companies including BCB Group, Brut, BeatClub, Absolute Labs, Create/OS, BridgeTower Capital, Mythical Games and more.
In addition to financial support, the organization will provide projects with professional advice and work out their business model.
“The new venture arm leverages MoonPay’s expertise and resources to provide start-ups with mentorship, industry expertise and access to a vast network of over 500 partners spanning leading tier 1 and 2 blockchains, marketplaces, wallets and exchanges,” the press release reads. .
MoonPay Ventures will be part of the company’s corporate development group. It will be led by Abhay Mavalankar, who has worked for Morgan Stanley, Centerview and Cisco Investments for more than 10 years in investment and banking.
“Given our position in payments and Web3, we are uniquely positioned to identify and invest in the most promising projects and teams, and look forward to working with these innovators to create an affordable financial future,” added Mavalankar.
Recall that in January 2022, MoonPay launched a service for buying NFTs using payment cards. Previously, the startup created a concierge service for the purchase of non-fungible tokens and cryptocurrencies.
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