MoonPay Unveils Cryptocurrency Swapping Feature in Its App – Here's the Latest
Crypto payments infrastructure firm MoonPay has unveiled a new feature in its app that enables users to swap one cryptocurrency for another.
"Introducing Swaps! Unlock the value from the assets you already own by swapping over 1,500 trading pairs," the company said in a recent post on X (formerly Twitter).
The new feature expands the functionality of MoonPay's retail-facing crypto app, which was launched in May and initially allowed users to purchase cryptocurrencies and manage multiple wallets within the app.
MoonPay claimed that the swapping feature has been optimized to enhance efficiency.
Instead of relying on smart contracts, which can be costly due to their complex operations, MoonPay executes the swaps through two sends: one for receiving the deposit and another for sending the quoted amount.
This approach reduces the gas required for the swap, making the process more streamlined and cost-effective, as explained by Ivan Soto-Wright, co-founder and CEO of MoonPay.
With a claimed customer base of 16 million users worldwide, MoonPay has been expanding its business beyond its core payments infrastructure model.
Alongside the app and non-fungible tokens (NFTs), MoonPay launched a venture capital unit in August, aimed at investing in early-stage web3 and fintech startups.
Additionally, MoonPay made its first acquisition earlier this year, acquiring the web3 creative agency Nightshift to assist brands in offering web3 features.
The company garnered significant attention and investor support in late 2021 when it raised $555 million in a Series A funding round led by Tiger Global Management and Coatue, resulting in a valuation of $3.4 billion.
Reportedly, as part of this funding round, Soto-Wright and other MoonPay executives
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