MoonPay, which allows users to buy cryptocurrencies using conventional payment methods, is adding more than 60 new celebrity investors to its balance sheet.
"A lot of companies might open a very small portion of their rounds, but we wanted to take on meaningful checks from these folks, because we want them to be part of this story and shape product direction," Soto-Wright told CNBC.
In particular, when it comes to artists, they don't want to tour forever, so they're increasingly diversifying, he said. "A lot of them have venture capital portfolios, a lot of them have their own independent ventures, and we came to them saying 'we can help you understand opportunities around Web3, crypto and the metaverse,'" said Soto-Wright. "We virtually had no rejections. Everyone wanted to be a part of it.
Still, investors have struggled to see value in digital art and are perplexed by big sales, such as Beeple's piece, which soldLooking ahead, the company plans to spend the money raised on new products and expansion. It also has ambitions to take the business public.Cryptocurrencies are notoriously volatile, however, and that has affected even the most well-known players in the space.
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