MoonPay, a cryptocurrency payment firm, is expected to be valued at $3.4 billion following its first investment round, according to The Information.
The $400 million round was co-led by Tiger Global Management and Coatue Management.
The valuation of the company is exceptionally high for a three-year-old startup.
MoonPay allows customers to utilize credit cards to purchase cryptocurrency or other digital assets through marketplaces such as OpenSea, Bitcoin.com, Abra, ZenGo, Spot, and Trust Wallet.
The startup, launched in 2019, has over five million users and supports more than 80 digital assets.
According to The Block Research, businesses such as Coatue and Tiger Global have recently been lured to mid-size crypto startups producing income as a method to acquire exposure to the market.
Tiger Global previously invested in TrueLayer, an open banking firm, and Public.com, a neobroker.
Coatue invested $305 million in Dapper Labs, the inventor of the Flow blockchain, in March of this year, and $80 million in April in the NFT and DeFi development platform Alchemy.
MoonPay collaborated with crypto wallet provider Blocto last month to give a fiat on-ramp to the Flow blockchain and faster access to NFT markets.