PANews reported on March 13 that according to CNBC, crypto payment giant MoonPay is stepping up its efforts to enter the corporate market by acquiring API-first stablecoin infrastructure startup Iron. This is MoonPay's second major acquisition in two months, highlighting its ambition to capture the rapidly growing stablecoin payment market.
"We believe that everyone will have a digital currency wallet, whether in a bank account or independently," said Ivan Soto-Wright, co-founder and CEO of MoonPay, in an interview. "We have built backward compatibility with the existing financial system." Soto-Wright compared the acquisition to PayPal's acquisition of Braintree, which processes credit card transactions for companies such as Meta, with a total payment volume of nearly $600 billion last year. Soto-Wright said: "This is our Braintree moment, and Iron's technology makes MoonPay likely to become the authoritative infrastructure provider for enterprise stablecoin solutions."
Later in the day, people familiar with the matter said that crypto payment company MoonPay acquired API-focused stablecoin infrastructure company Iron for a "nine-digit" price, which means it is worth at least $100 million.
