MoonPay announced the launch of a venture division that will focus on early-stage Web3-startups.
MoonPay Ventures has already invested in several companies, including BCB Group, Brut, BeatClub, Absolute Labs, Create/OS, BridgeTower Capital, Mythical Games, and others.
In addition to financial backing, the unit will provide projects with professional guidance and help develop their business models.
“The new venture unit will leverage MoonPay’s experience and resources to provide startups with mentorship, industry know-how and access to a broad network of more than 500 partners spanning leading Layer 1 and second-level blockchains, marketplaces, wallets and exchanges,” said the press release.
MoonPay Ventures will join the company’s corporate development group. It will be led by Abhay Mavlankar, who spent more than ten years at Morgan Stanley, Centerview and Cisco Investments in investment and banking.
“Given our position in payments and Web3, we have unique opportunities to identify and invest in the most promising projects and teams, and we look forward to working with these innovators to build an accessible financial future,” added Mavlankar.
In January 2022, MoonPay launched a service to purchase NFT via payment cards. Earlier, the startup created a concierge service for acquiring non-fungible tokens and cryptocurrencies.