MoonPay pushes even more with the acquisition of Iron Stablecoin

Crypto Payments Giant MoonPay is expanding its push to the enterprise market with the acquisition of Iron, a startup with API-first Stablecoin infrastructure.

This marks MoonPay’s second significant acquisition in two months, highlighting its ambition to dominate the rapidly growing stable payments market.

“I think everyone has a digital currency wallet, whether internal or independent of a bank account. And builds backward compatibility with the existing financial system,” MoonPay co-founder and CEO Ivan Soto-Wright told CNBC’s “Squawk Box” in an exclusive interview.

Already, MoonPay makes it easier for people to participate in the new crypto economy by enabling onboarding via most traditional payment rails, including debit cards, bank accounts, PayPal, Venmo, and more. apple Payment, and Google pay.

Now with Iron, MoonPay can provide businesses with the ability to accept Stablecoin payments and unlock instant, low cost, and border restaurant transactions.

When did Soto-wright compare acquisitions? PayPal I bought a Braintree. Braintree handled credit card processing for companies such as Meta, processing roughly $600 billion in total payment volume last year.

“This is our brains moment,” Soto Wright said. “Iron’s Technology positions MoonPay to be the ultimate infrastructure provider for Enterprise Stablecoin Solutions.”

Stablecoins are cryptocurrencies fixed to real-world assets, and in 2024 alone, most of the $27 trillion transferred via Stablecoins consisted of digital dollars moving seamlessly across the blockchain.

Soto-Wright compared the potential impact of transactions on transformation seen in communications.

“It was really expensive to make long distance calls. Then I had Skype and there was Zoom. There was all this internet-based technology to communicate. The same thing is done for money, and it’s essentially blockchain,” he said.

This marks the second major acquisition of MoonPay this year after purchasing a $175 million helio in January.

From legacy banks to startup payment providers, companies that go beyond financial services are adopting Stablecoins and investigating their own launches. Stablecoins make switching currency and moving money digitally easier and cheaper. Standard Chartered predicts in a recent report that stubcoin could grow to around 10% of forex trading, up from today’s 1%.

Stripe will take place one month after Stripe closes its $1.1 billion deal to buy a different payment infrastructure company called Bridge Network, the biggest deal on both Stripe and Crypto Ecosystem.

Bridge makes it easy for businesses to accept Stablecoin payments without directly dealing with digital tokens. Customers include Coinbase and SpaceX.

With over 30 million accounts in 180 countries, MoonPay was last valued at $3.4 billion when it raised its last funding in 2021. The company reports that CNBC is CNBC, which increased 112% from the previous year in 2024.

“We think you’re an internet-driven payment method you can see all over the world,” Soto Wright said. “If we think about the US, we’re a bit late. Real-time payments take years. We actually think wallets can help skip technology jumps and stubcoins becoming a very important part of that.”