Coinspeaker
MoonPay Eyes London for Expansion with Talent Onboarding in View
Digital currency payment platform MoonPay has set eyes for the United Kingdom as it plans its expansion moves. However, to kick off, Moonpay wants to recruit an additional 20 personnel before unveiling its office in London according to a Bloomberg report.
MoonPay Strategic Hiring and Expansion Plans In London
According to Chief Executive Officer Ivan Soto-Wright in an interview, Moonpay is targeting to have over 100 employees when it opens its London office by next year in the Spitalfields area. Currently, the payment platform has a staff strength of about 80 people.
Moonpay is looking to recruit mainly engineers and compliance staff. As per Soto-Wright’s explanation, the company’s decision to head to London was due to the regulatory-friendly environment. Also, the ease for Moonpay to hire skilled talents was another compelling factor.
“The talent density is super high” in the UK. It’s hard to get consistently good product and engineering talent in other parts of the world,” Soto-Wright stated.
In 2021, Moonpay, following its funding round, was valued at $3.4 billion. Moonpay is renowned for its software that allows investors to shift seamlessly between fiat currency and crypto assets.
MoonPay is applying for an electronic money license in the UK. If granted, it will allow the payment platform to provide fiat-currency account services without the need for an intermediary. Notably, in December 2022, Moonpay secured registration with the UK’s Financial Conduct Authority (FCA).
The move then at the time indicated the willingness of Moonpay to comply with local money laundering rules.
Strategic Partnerships and Technological Integration
Moonpay which was launched in 2019 has expanded to over 160 countries. The fintech company serves as an access to digital assets in the cryptocurrency market. The UK is MoonPay’s second-largest market after the US.
The digital currency payment platform serves over 300 leading websites, wallets, and apps. The unique selling point for Moonpay is its safety in payment delivery and fraud prevention. As a result of this, in 2023, card company Mastercard Inc (NYSE: MA) partnered with Moonpay to integrate blockchain technology into its system. The objective was to boost customer loyalty.
The collaboration also paved the way for the payment app to utilize Mastercard’s Crypto Credential system. As per the agreement, other areas of exploit included experimenting with how Mastercard’s ‘Send and Click to Pay’ technology service could be integrated into Moonpay’s Web3 stack.
Similarly, Trust Wallet, a decentralized crypto wallet service provider also partnered with Moonpay. The collaboration facilitated the conversion of tokens by Trust Wallet users to fiat via the app. These collaborations have helped Moonpay expand its presence in the crypto and mainstream financial ecosystem over the years.
With some investors considering the US to be relatively hostile to crypto innovations, MoonPay believes its expansion to the UK can help it acquire new users.
MoonPay Eyes London for Expansion with Talent Onboarding in View
