MoonPay Acquires Stake in BCB Group
- Through the investment, MoonPay will become a strategic partner of business accounts and trading services provider BCB Group.
- The two companies will work together to enable additional fiat rails and expand their crypto offering.
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Cryptocurrency payments company MoonPay has just acquired a stake in business accounts and trading services provider BCB Group. In a press release published on 22 June, the latter announced that the deal will see the two businesses working together to enable additional fiat rails and cryptocurrency services in addition to expanding their offering to new markets. MoonPay is a current client of BCB Group and will become a strategic partner through the investment.
“BCB Group’s holistic payment and banking solutions align perfectly with our vision to level the financial playing field and continue developing the tools powering the new digital age” said Ivan Soto-Wright, the CEO and Founder of MoonPay. “We are looking forward to working closely alongside the BCB team as they continue their impressive growth and together work to build an inclusive and efficient crypto-economy.”
In March, BCB Group closed an investment round to fund upcoming initiatives such as BCB Treasury, BCB Yield Accounts, and BCB Wealth Partners. The initiatives will expand the company’s existing offering, which is used by some of the industry’s largest players such as Bitstamp, Coinbase, Galaxy Digital, Gemini, Circle, Huobi, and Kraken.
MoonPay currently has over 250 partners, which include Bitcoin.com, Trust Wallet, and ZenGo, and supports over 80 different cryptocurrencies. So far, the company has processed over one million transactions across 160 countries and is set to grow its client base even further following the acquisition.
- The so called “World App” crypto wallet will make use of the project’s “World ID” system to effectively distinguishes between humans and AI.
- While everyone will be able to use the new wallet, only verified “World ID” holders will enjoy gas-free transactions within the Worldcoin ecosystem.
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- MetaMask expanded its partnership with MoonPay to allow users in Nigeria to buy cryptocurrencies directly from its mobile wallet app and Portfolio dApp.
- MetaMask noted that the new crypto on-ramp feature will be expanded to other African countries in the coming month, including Kenya, Botswana, and South Africa.
- Acquiring a majority stake in the GOPAX crypto exchange will allow Binance to re-enter the South Korean market, two years after it left.
- The funds for the acquisition came from Binance’s Industry Recovery Initiative, and will be used to enable customer withdrawals and interest payments on GOPAX.