Explained | What is MoonPay and why are so many celebrities rallying behind it?

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MoonPay is a crypto payment service. It allows people to buy and sell cryptocurrency and NFTs using debit cards, credit cards and several other major payment methods.

Launched in 2019, the payment service has risen to popularity, riding the waves of the burgeoning NFT market. The company recently revealed that it raised around $87 million in funding from A-List celebrities such as Justin Bieber, Snoop Dogg, Gwyneth Paltrow, Post Malone, Ashton Kutcher and many more.But what exactly is MoonPay, and why are so many of Hollywood's biggest names rallying behind the project? Let's find out!So, what exactly is MoonPay?As mentioned earlier, MoonPay is a payments service for cryptocurrencies and NFTs.

What sets it apart from other payment services is that users can use fiat currency to complete crypto transactions. In technical terms, it is an on-ramp and off-ramp service.On-ramp refers to the exchange of fiat currency for digital assets, and off-ramp is the other way around.

Since MoonPay accepts fiat payments, it is able to offer its users several traditional payment methods to purchase digital assets. One can complete a transaction using a debit card, credit card, Apple Pay, Google Pay, Samsung Pay, etc.Also read: What is a crypto pre-sale, and how to enter it?How has MoonPay become so popular?The convenience that MoonPay offers has made it a popular service for retail investors and celebrities alike.

According to the company website, the platform currently has more than 10 million active users, spread over 160 countries and has completed almost $3 billion in transactions.MoonPay was the go-to payment service when NFTs shot into popularity. Users could purchase their favourite NFTs without the hassle of owning