Cryptocurrency payments leader MoonPay is reportedly in advanced discussions to acquire Helio Pay, a crypto e-commerce platform, for approximately $150 million. If the deal materializes, it will be MoonPay’s most significant acquisition to date, as reported by FOX journalist Eleanor Terrett.
Often referred to as the “PayPal of crypto,” MoonPay offers a comprehensive suite of cryptocurrency payment solutions. The acquisition of Helio Pay is expected to bolster MoonPay’s merchant services and expand its reach within the rapidly growing crypto payments sector.
Helio Pay: Empowering Merchants with Crypto Payments
Helio Pay is a self-service platform similar to Coinbase Commerce, currently serving over 6,000 merchants and content creators. It enables payments in Bitcoin, Ethereum, stablecoins like USD Coin, and hundreds of other cryptocurrencies.
A standout feature of Helio Pay is its seamless integration with Solana Pay on Shopify, an e-commerce platform hosting over 138 million monthly users. This integration highlights the potential synergy between MoonPay and Helio Pay to enhance user engagement and market expansion.
Strengthening MoonPay’s Market Presence
With a user base spanning more than 20 million across 160 countries, MoonPay is already a dominant player in the crypto payments space. Acquiring Helio Pay could further solidify its position and broaden its service offerings.
Recent initiatives by MoonPay include MoonPay Balance, a fiat-to-crypto on-ramp solution launched in November across 27 countries. Despite its global footprint, the company has yet to gain significant traction in key markets like the United States and Germany.
Earlier this year, MoonPay strengthened its accessibility by integrating fiat PayPal on-ramps in the European Union, the UK, and the US. This development allows users in 24 EU member states and the UK to purchase cryptocurrency using their PayPal accounts.
Expanding Partnerships and Innovations
Since its founding in 2018 by Victor Faramond and Ivan Soto-Wright, MoonPay has aimed to simplify digital asset adoption. The company has consistently expanded its operations through strategic partnerships and product innovations.
In October last year, MoonPay partnered with Mastercard to enhance Web3 integrations and improve marketing tools. That same month, it introduced a Swaps feature in its app, enabling users to exchange one cryptocurrency for another.
In November, amidst growing regulatory scrutiny, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors. Earlier this year, the company demonstrated its commitment to digital advocacy by donating $1 million to the Stand With Crypto initiative ahead of the 2024 US elections.
A History of Robust Investor Support
MoonPay’s growth has been backed by substantial investor support. In November 2021, the company secured $555 million in a Series A funding round led by Tiger Global Management and Coatue, achieving a valuation of $3.4 billion.
PayPal’s Parallel Moves in the Crypto Space
Meanwhile, PayPal has also been expanding its presence in the crypto industry. In May, the company announced the extension of its stablecoin PYUSD to the Solana blockchain. The stablecoin includes a “confidential transfers” feature, offering enhanced privacy for users and transparency for regulators.
Conclusion
MoonPay’s potential acquisition of Helio Pay marks a significant step in its mission to dominate the crypto payments ecosystem. By integrating Helio’s innovative platform, MoonPay aims to accelerate its growth trajectory and solidify its leadership in the evolving world of digital finance.