Bitcoin Startup Moon Raises $2.1M to Enter New Markets

The startup enables crypto payments for e-commerce sites.

Sep 24, 2021 at 12:00 p.m. UTC
Updated Sep 24, 2021 at 1:45 p.m. UTC

Nate DiCamillo is a business reporter at CoinDesk with a focus on banking and economics.

Bitcoin startup Moon has raised $2.1 million to expand its partnerships and offer more types of e-commerce crypto payments.

Shared exclusively with CoinDesk, Moon CEO Ken Kruger said the company is using the proceeds to expand into a web and mobile application, making it possible to fund Moon cards with accounts from other exchanges (currently Moon only uses Coinbase). The company will also use the funding to expand its geographic reach, enable users to pay with stablecoins in addition to bitcoin and expand its team of seven to a team of 10 or 12 in the next few months.

The funding round included participation from Fenbushi Capital, New Form Capital, SBX Capital, Manresa Ventures, Fulgur Ventures, Flight.VC, Bentaus, Block0, litecoin creator Charlie Lee and Bill Murphy, the former chief technology officer of Blackstone.

“We’re looking for other exchanges that are looking for off-ramp payments capabilities,” Kruger said. “Then we’re also looking for people who have stablecoins and payment tokens. So we’re working with Celo, we’re partnering with Zcash.”

Moon is also looking to make the product available for merchants outside of the U.S.

“The cards can only be used at U.S. merchants because we collect such a limited amount of personal information, there are limits of where the cards can be spent,” Kruger said, adding:

“There are certain things we could do, depending on the jurisdiction, to allow people in other countries to spend in their own country. … We may need bank partners in certain regions, but we’re talking to Visa to see if there’s a way to avoid that. It’s a lot of understanding also the regulations in each region.”

Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Nate DiCamillo is a business reporter at CoinDesk with a focus on banking and economics.

CoinDesk - Unknown

Nate DiCamillo is a business reporter at CoinDesk with a focus on banking and economics.

Trending

1
CoinDesk - Unknown
After Armstrong Tweet, India's Crypto Policy Body Says No Contempt of Court Challenge vs. RBI

The Coinbase CEO last month suggested the RBI's "shadow ban" of crypto exchanges violated a Supreme Court ruling.

The Coinbase CEO last month suggested the RBI's "shadow ban" of crypto exchanges violated a Supreme Court ruling.

CoinDesk - Unknown
2
CoinDesk - Unknown
Portuguese Congress Rejects Two Bills Seeking to Tax Crypto

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: Regulatory Attention on Terra Could Change South Korean Trading Environment; Bitcoin Goes Sideways

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

The founders of two prominent crypto-related organizations said tightened restrictions could make it difficult for foreign tokens to list on Korean exchanges, discouraging projects from trying.

CoinDesk - Unknown
4
CoinDesk - Unknown
A16z Doubles Down on Crypto Investments Despite Market Downturn, and NFL Launches Play-to-Earn NFT Game

The most valuable crypto stories for Wednesday, May 25, 2022.

The most valuable crypto stories for Wednesday, May 25, 2022.

CoinDesk - Unknown