The crypto payments firm MoonPay acquired the API-focused stablecoin infrastructure company Iron in a "9-figure" deal, meaning worth at least $100 million, a source with direct knowledge of the matter told The Block.
MoonPay's acquisition of Iron is comparable to Stripe's acquisition of the stablecoin platform Bridge, and MoonPay's financial services will now include enterprise-grade stablecoin offerings.
In October 2024, the payments firm Stripe acquired Bridge in a $1.1 billion deal — the largest crypto acquisition deal at the time — to expand Stripe's cryptocurrency payment services.
Businesses can now accept cross-border stablecoin payments and hold multi-currency treasuries or yield-bearing assets, such as U.S. Treasury bills, following this deal. Additionally, MoonPay's stablecoin payments via Iron's API-focused infrastructure will have integrated anti-money laundering protections, know-your-customer protocols and other risk management, according to a release.
"This acquisition is a strategic step forward, positioning MoonPay at the forefront of enterprise-grade stablecoin solutions," said Ivan Soto-Wright, MoonPay’s co-founder and CEO, in a statement. "With Iron’s technology, we’re putting the power of instant, programmable payments into the hands of enterprises, fintechs and global merchants."
MoonPay's acquisition of Iron isn't its first M&A move this year. MoonPay also acquired the Solana-based payments firm Helio, which streamlines BTC, ETH and SOL settlements, in a deal valued at $175 million in mid-January.
These acquisitions draw MoonPay closer to its wider goal of offering expansive crypto payment services through its user-friendly platform, which lets individuals purchase crypto with debit or credit cards and bank transfers, along with mobile options like Google Pay or Apple Pay.
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