MoonPay has acquired Iron, an API-driven stablecoin infrastructure startup, in a move to enhance its enterprise payment solutions.
This marks MoonPay’s second major acquisition in two months, reinforcing its ambition to lead the growing stablecoin payments sector.
With Iron’s technology, MoonPay aims to offer businesses instant, low-cost, and borderless stablecoin transactions. The deal mirrors PayPal’s acquisition of Braintree, which helped establish its dominance in credit card processing.
“This is our Braintree moment,” MoonPay CEO Ivan Soto-Wright told CNBC.
The stablecoin market saw $27 trillion in transactions in 2024, with businesses increasingly adopting blockchain-based payments.
MoonPay’s expansion comes amid competition from Stripe, which recently acquired Bridge Network in a $1.1 billion deal. MoonPay, valued at $3.4 billion, reported a 112% increase in net revenue in 2024.
Last October, Venmo partnered with MoonPay, enabling its 60 million U.S. users to buy crypto using their Venmo balances.
CNBC reporting helped with this article.
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