Crypto payments leader MoonPay is reportedly negotiating the acquisition of Helio Pay, a cryptocurrency e-commerce platform, in a deal valued at approximately $150 million. If finalized, this transaction would represent MoonPay’s largest acquisition to date, according to FOX journalist Eleanor Terrett.
Strengthening Merchant Services with Helio
Often referred to as the “PayPal for crypto,” MoonPay offers diverse crypto payment solutions. The integration of Helio Pay would significantly bolster its merchant service capabilities, paving the way for broader adoption.
Helio Enables Seamless Crypto Payments
Helio Pay, a self-service platform akin to Coinbase Commerce, supports over 6,000 merchants and content creators in receiving payments in Bitcoin, Ethereum, stablecoins like USD Coin, and numerous other cryptocurrencies.
One of Helio’s unique features is its integration with Solana Pay on Shopify, an e-commerce platform boasting over 138 million monthly users. This capability highlights the potential synergies between MoonPay and Helio in enhancing user engagement and market penetration.
Expanding MoonPay’s Global Reach
MoonPay currently serves more than 20 million users across 160 countries. The inclusion of Helio’s services could further solidify its position in the crypto payments sector.
In November, MoonPay launched MoonPay Balance, a fiat-to-crypto on-ramp solution, across 27 countries, showcasing its commitment to expanding accessibility.
🚨 Scoop by @EleanorTerrett: MoonPay is in advanced discussions to acquire Helio Pay for $150 million, marking its largest acquisition to date.
Limited Presence in Key Markets
Despite its rapid growth, MoonPay has yet to penetrate pivotal markets like the United States and Germany. However, the company has improved accessibility in the European Union, the UK, and the US by integrating fiat PayPal on-ramps earlier this year.
Users in 24 EU member states and the UK can now purchase cryptocurrencies through PayPal accounts, thanks to this integration.
MoonPay’s Partnerships and Expansions
Founded in 2018 by Victor Faramond and Ivan Soto-Wright, MoonPay strives to simplify the adoption of digital assets.
Collaborations to Advance Web3
In October, MoonPay partnered with Mastercard to enhance Web3 integrations, build stronger connections, and expand marketing tools. During the same period, it introduced a Swaps feature within its app, allowing users to exchange one cryptocurrency for another.
Amid increasing regulatory scrutiny, MoonPay appointed Mike Lempres, a former Coinbase and Andreessen Horowitz (a16z) executive, to its board in November.
Support for Crypto Advocacy
MoonPay demonstrated its commitment to the crypto community by donating $1 million to the digital advocacy group Stand With Crypto ahead of the 2024 US elections.
MoonPay’s Valuation and Funding Milestones
In November 2021, MoonPay secured $555 million during a Series A funding round led by Tiger Global Management and Coatue, achieving a valuation of $3.4 billion.
PayPal’s Role in the Crypto Space
At the end of May, PayPal announced its expansion of PayPal USD (PYUSD) to the Solana blockchain. The stablecoin includes a “confidential transfers” feature, offering privacy for users while maintaining transparency for regulators.
The Road Ahead
As MoonPay continues its global expansion and strengthens its services through acquisitions and partnerships, the crypto payments landscape is poised for significant growth. The potential Helio Pay acquisition signals MoonPay’s ambition to remain a frontrunner in the evolving digital payments industry.
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