MoonPay scores $3.4 billion valuation as the PayPal for crypto reportedly plans hiring spree

• MoonPay scored a $3.4 billion valuation in a funding round led by Tiger Global Management and Coatue.
• It plans to use the money to add 200 jobs based in Miami and around the globe.

MoonPay, the self-described PayPal for crypto, raised more than half a billion dollars in an effort to beef up its staff.

The Miami-based company said in a press release that it raised $555 million in a funding round led by Tiger Global Management and Coatue. The equity injection gave the company a $3.4 billion valuation and the power to add hundreds more jobs.

The company plans to hire 200 people — more than doubling its current staff of 130, Bloomberg reported, citing MoonPay Chief Executive Officer Ivan Soto-Wright. The jobs, including customer support and compliance roles, will be based in the Miami headquarters as well as around the world, Bloomberg said.

"As we enter 2022, our aim is to continue this exceptional growth so that we remain the leading company powering the crypto economy," the company wrote in its press release.

In two years, MoonPay said it has attracted 7 million customers and processed $2 billion worth of crypto transactions. The product allows its users to convert traditional fiat currencies to cryptocurrencies using all major payment methods, like a credit card or Apple Pay.

"We set out to democratize access to the crypto economy by providing the tools for businesses to onboard new users with magical product experiences," Soto-Wright said in the press release. "We are on a mission to help billions of people access trillions of dollars of digital value over the next decade and beyond."