Justin Bieber, Snoop Dogg and Drake are among dozens of celebrities to invest tens of millions of dollars into the crypto startup MoonPay.
The Miami-based firm, whose software allows users to buy and sell cryptocurrency, raised $87 million from the stars, adding to a previously announced $555 million funding round.
The financing sees MoonPay valued at $3.4 billion, making it one of the most valuable crypto companies in the US.
A total of 60 high-profile investors joined the latest round, including musicians, sports stars and actors, many of whom have previously expressed interest in the cryptocurrency space through the purchase of non-fungible tokens (NFTs) and crypto-related endorsements.
“Hollywood is using smart contracts and blockchain technology to assert their creative intellectual property rights,” said Ivan Soto-Wright, CEO and co-founder of MoonPay.
“Major global sports franchises have used digital tokens and NFT collectibles to transform fan engagement. And recording artists are beginning to explore how NFTs can give them more control over royalty rights. These are the underpinnings of a creator economy renaissance.”
MoonPay claims to already have more than 10 million customers worldwide, who use its platform to trade and invest in cryptocurrencies like bitcoin (BTC) and Ethereum (ETH) through conventional payment methods like credit cards and mobile wallets like Apple Pay and Google Pay.
The software can also be used to purchase NFTs, which actress Gwyneth Paltrow did in January to acquire a sought-after Bored Ape Yacht Club token.
— Gwyneth Paltrow (@GwynethPaltrow) January 26, 2022
Ms Paltrow was involved in the latest investing round, saying that she did so in the belief that MoonPay would help lower the barrier of entry to the crypto economy.
“Web3 is inspiring the entertainment industry, and commerce in general, to reimagine the way we create community, connect with fans, build value and manage intellectual property,” she said.
“We are excited to invest in MoonPay because we believe their technology is best positioned to make participating in cryptocurrency more accessible.”