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Cryptocurrency Startup MoonPay in NFT Transaction with Universal, Fox

MoonPay Co-Founder and CEO Ivan Soto-Wright at the Bitcoin 2022 conference in Miami.

MoonPay

Cryptocurrency startup MoonPay said on Tuesday that it partnered with Universal Pictures, Fox Corporation and Snoop Dogg’s Death Row Records, among other brands, to launch a new NFT platform called HyperMint.

The new platform allows major brands, agencies and businesses to earn hundreds of millions of NFTs a day, scaling operations that previously took months using blockchain technology. It was officially announced later on Tuesday in a keynote address that MoonPay CEO Ivan Soto-Wright will deliver at Radio City Music Hall during this week’s NFT.NYC conference in New City. York.

Its platform and underlying technology present a huge opportunity for legacy brands like Universal and Fox, who have been using intellectual property for decades.

NFTs are digital assets that represent real-world objects – such as art, music, and real estate – and cannot be copied. Over the past few months, major brands from every industry, including Coca-Cola, McDonald’s, NikeGucci and the National Football League, have included the NFT in their marketing initiatives.

Soto-Wright told CNBC: “The potential of NFTs goes beyond just collection; it’s utility. You can basically program anything into these NFTs over time, which is why at Why did we decide to focus on this new product offering,” Soto-Wright told CNBC. “That really makes this shift possible; to go beyond programmatic collection and utility into these NFTs and enterprise-grade tools are required.”

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Founded in 2018, Miami-based MoonPay’s software allows users to buy and sell cryptocurrencies using conventional payment methods such as credit cards, bank transfers, or mobile wallets like Apple Payment and Google Pay. It also sells its technology to other businesses including cryptocurrency website Bitcoin.com and token is not replaceable the OpenSea marketplace, a model that Soto-Wright calls “crypto-as-a-service.”

Soto-Wright has previously said the company aims to make cryptocurrencies accessible to the masses in the same way as video conferencing tools like Launch make it easier to make calls over the internet.

MoonPay’s offering to investors is that it provides a “gateway” to digital assets. Currently, that includes bitcoin, ether and other digital tokens like NFT. The recent market volatility and venture capital environment is not suitable for crypto trading, but Soto-Wright’s vision is to expand the platform to include everything from digital fashion to equities encrypted.

The company’s latest product launch takes place against the backdrop of Cryptocurrency sell-offas investors continue to grapple with aggressive interest rate hikes from the Federal Reserve and the worsening liquidity crisis has pushed large companies into financial trouble. The crypto space is still reeling from the collapse of $60 billion collapse of the two major tokens last month.

“It’s been a rough couple of months for crypto,” Soto-Wright said. “I’ve seen many different cycles like that before. I’ve seen this movie. There are always ups and downs. It’s a whole new asset class and we have a whole new subset of them. that asset class, it’s the NFT.”

MoonPay says it has been profitable since launching the platform in 2019. Its service is now used by more than 10 million customers in 160 countries. Last month, MoonPay added more than 60 famous investors to its balance sheet, including Justin Bieber, Gwyneth Paltrow, Snoop Dogg and Ashton Kutcher, among others. Combined, its new investors poured $87 million into previously announced $555 million funding round led by Tiger Global and Coatue, The company’s valuation is $3.4 billion.

Bitcoin recovered on Monday, after the cryptocurrency fell below its 2017 high over the weekend, when it traded as low as $17,601.58. Bitcoin is still 70% below its all-time high, reached in November, and is down 57% so far. Ether also higher in trading on Monday.

“I think it makes sense that we’re going to go through periods of price discovery and irrational exaggeration… people eventually start to question the value of things and I think that’s the point. why the change is beyond treating NFTs as collectibles, but maybe Soto-Wright said, “We need to take that toolkit and support the biggest brands and biggest creators to solve the problem.” address the use cases that really matter.”

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

MoonPay 44th place on this year’s CNBC 50 Disruptor list. Register for our original, weekly newsletter, which goes beyond the annual Disruptor 50 listing, providing an in-depth look at the listing companies and their innovative founders.

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