MoonPay has acquired Iron, a startup specializing in API-driven stablecoin infrastructure, to bolster its enterprise payment solutions.
This acquisition marks MoonPay’s second significant deal in just two months, highlighting its goal to become a leader in the expanding stablecoin payments market.
With Iron’s technology, MoonPay plans to provide businesses with instant, cost-effective, and borderless stablecoin transactions. This move is reminiscent of PayPal’s purchase of Braintree, which played a crucial role in solidifying its position in credit card processing.
“This is our Braintree moment,” stated MoonPay CEO Ivan Soto-Wright in an interview.
The stablecoin sector recorded $27 trillion in transactions during 2024, with businesses increasingly moving toward blockchain-based payment solutions.
As MoonPay expands, it faces competition from Stripe, which recently acquired Bridge Network in a deal valued at $1.1 billion. MoonPay, currently valued at $3.4 billion, reported a remarkable 112% rise in net revenue for 2024.
In October of last year, Venmo teamed up with MoonPay, allowing its 60 million users in the U.S. to purchase cryptocurrency using their Venmo balances.