At the end of November 2021, payment crypto startup MoonPay attracted $ 555 million at a valuation of $ 3.4 billion. The funds were to be spent on the development of the company, partly this happened, but $ 150 million was used for other purposes.
Co-founder and CEO of the company, Ivan Soto-Wright, received $150 million during Series A. Then funds such as Tiger Global Management and Coatue Management invested in the startup. But some of the money, instead of going to the development of the company, was used to buy shares from existing shareholders such as Soto-Wright.
It is noteworthy that a week after receiving the funds, Ivan Soto-Wright bought a luxurious mansion in Miami for $ 38 million. He bought it without any purpose. At the moment, it is known that Ivan uses the house as a venue for parties. For example, last year the Art Basel festival was held on the territory.
An anonymous source says:
The company itself confirmed that the Series A funding round included secondary sales, which was not previously reported.
Source: Cryptocurrency
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