Web3 infrastructure company MoonPay has launched an investment arm that aims to support and collaborate with startups in the Web3 and FinTech ecosystems.
The new MoonPay Ventures will provide capital and access to resources, mentorship and industry expertise to early-stage companies, with the goal of driving industry-wide value and promoting the adoption of Web3 technology, the company said in a Tuesday (Aug. 29) press release.
One of the key advantages of MoonPay Ventures is its ability to leverage MoonPay’s experience and extensive network of over 500 industry partners, including leading blockchains, marketplaces, wallets and exchanges, according to the release. Startups in MoonPay Ventures’ portfolio will benefit from mentorship and access to emerging business models and go-to-market playbooks in Web3, enabling them to accelerate the development and scaling of their projects.
Abhay Mavalankar, who brings a wealth of experience from investment banking and venture capital, will lead MoonPay Ventures within MoonPay’s Corporate Development group, the release said. Mavalankar, along with the expertise of the MoonPay executive team, aims to deliver tangible value to portfolio companies by scaling revenues, operationalizing go-to-market strategies and refining product strategies.
MoonPay Ventures has already invested in several companies, including BCB Group, BRUT, BeatClub, absolute labs, Create/OS, BridgeTower Capital and Mythical Games, per the release.
“As we continue building at MoonPay, we’re also committed to uplifting the standout players in our ecosystem so we can collectively work toward mass Web3 adoption,” Ivan Soto-Wright, CEO and co-founder at MoonPay, said in the release. “Launching MoonPay Ventures is a major milestone in bringing this vision to life and allows us to leverage our resources to support our portfolio companies, and in turn, the Web3 industry as a whole.”
In another recent development in the Web3 space, blockchain company Aptos Labs said Aug. 9 that it has teamed up with Microsoft to drive Web3 adoption. This partnership will employ Microsoft’s Azure OpenAI Service to help mainstream Web3, the company said when announcing the collaboration.
“Onboarding new users to Web3 can be time consuming and complex, which may deter people from exploring the ecosystem,” Aptos said in the announcement. “There’s a common perception gap between the utility of blockchain and user skepticism around how simple it is to use.”
Image by: PYMNTS
