June 22, 2025 • 9 mins
Ever wondered what it takes to build a multi-billion dollar company in the middle of a market crash? MoonPay founders Ivan Soter-Wright and Victor Faramund saw opportunity where others saw disaster, creating a crypto infrastructure business now valued at $3.4 billion.
Founded in 2019 when Bitcoin had plunged 80%, MoonPay tackled a straightforward problem: making cryptocurrency purchases as simple as using a credit card. The founders' complementary skills proved essential to their success—Ivan bringing visionary fintech experience while Victor contributed technical depth from his time at Apple. Their balanced partnership exemplifies how different perspectives create stronger businesses, especially in volatile industries.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Ivan Soter-Wright and Victor Faramund are the
founders behind Moonpay, aremote-friendly crypto
infrastructure company that'sgrown from a simple idea to a
business valued at over $3.4billion.
Their story is a clear exampleof how location-independent
businesses can scale fast in thedigital economy, even when
(00:23):
operating in one of the mostvolatile industries out there.
The starting point for MoonPaywas a single, straightforward
question what if buyingcryptocurrency was as easy as
using a credit card?
In 2019, at a time when cryptomarkets had just taken a massive
hit Bitcoin was down nearly 80%Ivan and Victor believed that
(00:46):
crypto's long-term potential wasfar from over.
Instead of retreating like manyothers, at that moment, they
saw an opportunity sitting rightin front of them.
The two founders brought verydifferent but complementary
skills to the table.
Ivan, who became CEO, came froma background in fintech and
entrepreneurship.
(01:06):
Before Moonpay, he'd builtSaveable, a smart money app that
helped people across Europeautomate investments and manage
their spending.
That company was eventuallyacquired, and from there, ivan
also went on to start a venturecapital fund focused on crypto
and emerging financialtechnology.
Venture capital fund focused oncrypto and emerging financial
(01:27):
technology.
His academic background was amix of economics and philosophy,
studied on both sides of theAtlantic at George Washington
University and later at Oxford.
Victor, on the other hand, camewith deep technical expertise.
He worked as a softwareengineer at Apple and played a
major role in the earlydevelopment of a startup called
Skello, an online schedulingsoftware.
(01:48):
He brought extensive full-stackengineering experience paired
with a strong academicfoundation in mathematics and
computer science from topEuropean institutions.
Their personalities balancedeach other out.
Ivan has often been describedas the big picture visionary,
always looking at what'spossible, while Victor brought a
(02:09):
more grounded, pragmaticapproach, keeping their
engineering decisions tied toreality.
That mix of idealism andrealism became one of Moonpay's
strengths, especially as theynavigated the uncertain world of
crypto.
They started small, with justfive people making up the
original team.
Their minimum viable productwent live first in Tokyo, which
(02:31):
was a very deliberate earlymarket test.
From there they expandedglobally.
The first product focusedentirely on solving what's known
as the on-ramp problem helpingeveryday users convert
traditional fiat currencies intocrypto quickly and securely.
From day one, moonpay wasadapted to run as a remote
(02:53):
business and, while theyofficially list Miami as their
headquarters, most of the teamworks on a distributed basis.
The company operates acrossmultiple time zones, serving
customers in more than 160countries.
That remote model allowed themto hire globally, without the
restrictions of office locationsor regional talent pools.
(03:15):
It also meant they coulddevelop, iterate and support
customers around the clock,keeping the business moving even
while some parts of the teamwere asleep.
The nature of their businessbuilding infrastructure for a
decentralized financial systemwas perfectly aligned with
building a decentralizedorganization.
(03:35):
Their business model is simpleat its core, but highly scalable
.
Moonpay positions itself as thePayPal for crypto, offering the
payment infrastructure thatbridges traditional finance with
cryptocurrency.
Payment infrastructure thatbridges traditional finance with
cryptocurrency.
Their platform serves two maingroups individual consumers and
business clients.
(03:56):
For individuals, moonpay offersan incredibly simple interface
that allows users to purchasecrypto with familiar payment
methods Credit cards, debitcards, apple Pay, google Pay,
paypal, even local banktransfers.
What's important here is thatMoonpay operates as a
non-custodial platform, meaningthey don't hold the customer's
(04:18):
funds.
The user retains control overtheir assets, which aligns with
the core values that underpinmuch of the crypto ecosystem.
For businesses, moonpay offersembeddable infrastructure that
allows any app or website tointegrate crypto payments
seamlessly.
A few lines of code is all ittakes for other companies to
(04:40):
embed MoonPay's solutiondirectly into their own
platforms.
This model removes the headacheof compliance, fraud protection
and payment processing from thepartners who adopt their
solution.
This dual business-to-consumerand business-to-business model
helped Moonpay expand extremelyquickly.
By 2023, they were serving over30 million users across more
(05:05):
than 300 business platforms,with over $2 billion in
transactions processed in theirfirst two years alone.
Today, they support over 80different crypto assets and they
continue to expand thatoffering.
Naturally, building a cryptocompany comes with regulatory
challenges.
Compliance with globalanti-money laundering
(05:25):
regulations is complex andconstantly shifting is complex
and constantly shifting.
Moonpay made regulatorycompliance a priority early on.
That upfront investment insecurity and compliance helped
them build trust with both usersand institutional partners,
trust that's especially criticalin the crypto space, where
(05:46):
security breaches and regulatoryuncertainty have derailed many
competitors.
The fact that Moonpay launchedright after a major crypto crash
might seem like poor timing,but in some ways, it was exactly
the opposite.
Building infrastructure duringa market downturn allowed them
to grow quietly, focus on theirproduct and be well positioned
(06:08):
when crypto enthusiasm picked up.
The growth really took offafter their Series A funding
round in late 2021.
Moonpay raised $555 million inone of the largest Series A
rounds ever for a crypto startup.
That round was led by majorinvestors like Tiger Global and
(06:29):
KOTU Management, valuing thecompany at $3.4 billion.
They added another $87 millionshortly after in a Series A
extension.
The funding allowed Moonpay toscale quickly.
The team grew from around 130employees to over 300.
At the time of this recording,they sit somewhere between 200
(06:51):
and 500 employees globally,still operating primarily as a
remote organization.
With the new capital, they beganexpanding their product suite
beyond simple crypto on-ramps.
They moved deeper into Web3infrastructure, including NFT
payments and additionalenterprise solutions.
They also pursued strategicacquisitions, including
(07:14):
discussions to acquire HelioPay,a crypto e-commerce platform,
for roughly $150 million.
Partnerships have also played abig role in MoonPay's expansion
.
They've worked with majorbrands like Fox, universal
Pictures and even Snoop Dogg'sDeath Row Records to build NFT
platforms, helping bring cryptoand NFTs into mainstream media.
(07:36):
These partnerships allowedMoonPay to move beyond the core
crypto native audience and intowider consumer markets.
Today, their user base includesmore than 30 million people
across 160 countries, which isremarkable when you consider
they started with just fivepeople only a few years ago.
Ivan and Victor's story standsout for a few reasons.
(07:58):
First, their partnership showsthe power of complementary skill
sets.
Having a visionary founderbalanced by a technically
grounded co-founder createsstrong decision-making dynamics.
Second, their remote firstmodel wasn't an afterthought or
a pandemic pivot.
It was intentional and itallowed them to recruit globally
(08:21):
, scale rapidly and operateefficiently without being tied
to any single geography.
This is something I stronglybelieve more founders can take
advantage of today.
Third, they solved a realproblem.
Buying crypto used to becomplicated.
Moonpay simplified the processfor both consumers and
businesses, removing frictionthat kept many potential users
(08:44):
on the sidelines.
Fourth, they didn't let markettiming scare them off.
Launching during a downturngave them breathing room to
build and by the time cryptointerest returned, they were
already positioned and ready tocapture and ride that wave.
And finally, they builtmultiple revenue streams early,
(09:05):
both B2C and B2B, which allowedthem to scale faster and build
resilience into the businessmodel.
That's it for today's episode.
Please consider subscribing tothe show, leaving a review, or
share it with someone.
Building their own locationindependent venture.
Ivan Soter-Wright and Victor Faramund are the
founders behind Moonpay, aremote-friendly crypto
infrastructure company that'sgrown from a simple idea to a
business valued at over $3.4billion.
Their story is a clear exampleof how location-independent
businesses can scale fast in thedigital economy, even when
(00:23):
operating in one of the mostvolatile industries out there.
The starting point for MoonPaywas a single, straightforward
question what if buyingcryptocurrency was as easy as
using a credit card?
In 2019, at a time when cryptomarkets had just taken a massive
hit Bitcoin was down nearly 80%Ivan and Victor believed that
(00:46):
crypto's long-term potential wasfar from over.
Instead of retreating like manyothers, at that moment, they
saw an opportunity sitting rightin front of them.
The two founders brought verydifferent but complementary
skills to the table.
Ivan, who became CEO, came froma background in fintech and
entrepreneurship.
(01:06):
Before Moonpay, he'd builtSaveable, a smart money app that
helped people across Europeautomate investments and manage
their spending.
That company was eventuallyacquired, and from there, ivan
also went on to start a venturecapital fund focused on crypto
and emerging financialtechnology.
Venture capital fund focused oncrypto and emerging financial
(01:27):
technology.
His academic background was amix of economics and philosophy,
studied on both sides of theAtlantic at George Washington
University and later at Oxford.
Victor, on the other hand, camewith deep technical expertise.
He worked as a softwareengineer at Apple and played a
major role in the earlydevelopment of a startup called
Skello, an online schedulingsoftware.
(01:48):
He brought extensive full-stackengineering experience paired
with a strong academicfoundation in mathematics and
computer science from topEuropean institutions.
Their personalities balancedeach other out.
Ivan has often been describedas the big picture visionary,
always looking at what'spossible, while Victor brought a
(02:09):
more grounded, pragmaticapproach, keeping their
engineering decisions tied toreality.
That mix of idealism andrealism became one of Moonpay's
strengths, especially as theynavigated the uncertain world of
crypto.
They started small, with justfive people making up the
original team.
Their minimum viable productwent live first in Tokyo, which
(02:31):
was a very deliberate earlymarket test.
From there they expandedglobally.
The first product focusedentirely on solving what's known
as the on-ramp problem helpingeveryday users convert
traditional fiat currencies intocrypto quickly and securely.
From day one, moonpay wasadapted to run as a remote
(02:53):
business and, while theyofficially list Miami as their
headquarters, most of the teamworks on a distributed basis.
The company operates acrossmultiple time zones, serving
customers in more than 160countries.
That remote model allowed themto hire globally, without the
restrictions of office locationsor regional talent pools.
(03:15):
It also meant they coulddevelop, iterate and support
customers around the clock,keeping the business moving even
while some parts of the teamwere asleep.
The nature of their businessbuilding infrastructure for a
decentralized financial systemwas perfectly aligned with
building a decentralizedorganization.
(03:35):
Their business model is simpleat its core, but highly scalable
.
Moonpay positions itself as thePayPal for crypto, offering the
payment infrastructure thatbridges traditional finance with
cryptocurrency.
Payment infrastructure thatbridges traditional finance with
cryptocurrency.
Their platform serves two maingroups individual consumers and
business clients.
(03:56):
For individuals, moonpay offersan incredibly simple interface
that allows users to purchasecrypto with familiar payment
methods Credit cards, debitcards, apple Pay, google Pay,
paypal, even local banktransfers.
What's important here is thatMoonpay operates as a
non-custodial platform, meaningthey don't hold the customer's
(04:18):
funds.
The user retains control overtheir assets, which aligns with
the core values that underpinmuch of the crypto ecosystem.
For businesses, moonpay offersembeddable infrastructure that
allows any app or website tointegrate crypto payments
seamlessly.
A few lines of code is all ittakes for other companies to
(04:40):
embed MoonPay's solutiondirectly into their own
platforms.
This model removes the headacheof compliance, fraud protection
and payment processing from thepartners who adopt their
solution.
This dual business-to-consumerand business-to-business model
helped Moonpay expand extremelyquickly.
By 2023, they were serving over30 million users across more
(05:05):
than 300 business platforms,with over $2 billion in
transactions processed in theirfirst two years alone.
Today, they support over 80different crypto assets and they
continue to expand thatoffering.
Naturally, building a cryptocompany comes with regulatory
challenges.
Compliance with globalanti-money laundering
(05:25):
regulations is complex andconstantly shifting is complex
and constantly shifting.
Moonpay made regulatorycompliance a priority early on.
That upfront investment insecurity and compliance helped
them build trust with both usersand institutional partners,
trust that's especially criticalin the crypto space, where
(05:46):
security breaches and regulatoryuncertainty have derailed many
competitors.
The fact that Moonpay launchedright after a major crypto crash
might seem like poor timing,but in some ways, it was exactly
the opposite.
Building infrastructure duringa market downturn allowed them
to grow quietly, focus on theirproduct and be well positioned
(06:08):
when crypto enthusiasm picked up.
The growth really took offafter their Series A funding
round in late 2021.
Moonpay raised $555 million inone of the largest Series A
rounds ever for a crypto startup.
That round was led by majorinvestors like Tiger Global and
(06:29):
KOTU Management, valuing thecompany at $3.4 billion.
They added another $87 millionshortly after in a Series A
extension.
The funding allowed Moonpay toscale quickly.
The team grew from around 130employees to over 300.
At the time of this recording,they sit somewhere between 200
(06:51):
and 500 employees globally,still operating primarily as a
remote organization.
With the new capital, they beganexpanding their product suite
beyond simple crypto on-ramps.
They moved deeper into Web3infrastructure, including NFT
payments and additionalenterprise solutions.
They also pursued strategicacquisitions, including
(07:14):
discussions to acquire HelioPay,a crypto e-commerce platform,
for roughly $150 million.
Partnerships have also played abig role in MoonPay's expansion
.
They've worked with majorbrands like Fox, universal
Pictures and even Snoop Dogg'sDeath Row Records to build NFT
platforms, helping bring cryptoand NFTs into mainstream media.
(07:36):
These partnerships allowedMoonPay to move beyond the core
crypto native audience and intowider consumer markets.
Today, their user base includesmore than 30 million people
across 160 countries, which isremarkable when you consider
they started with just fivepeople only a few years ago.
Ivan and Victor's story standsout for a few reasons.
(07:58):
First, their partnership showsthe power of complementary skill
sets.
Having a visionary founderbalanced by a technically
grounded co-founder createsstrong decision-making dynamics.
Second, their remote firstmodel wasn't an afterthought or
a pandemic pivot.
It was intentional and itallowed them to recruit globally
(08:21):
, scale rapidly and operateefficiently without being tied
to any single geography.
This is something I stronglybelieve more founders can take
advantage of today.
Third, they solved a realproblem.
Buying crypto used to becomplicated.
Moonpay simplified the processfor both consumers and
businesses, removing frictionthat kept many potential users
(08:44):
on the sidelines.
Fourth, they didn't let markettiming scare them off.
Launching during a downturngave them breathing room to
build and by the time cryptointerest returned, they were
already positioned and ready tocapture and ride that wave.
And finally, they builtmultiple revenue streams early,
(09:05):
both B2C and B2B, which allowedthem to scale faster and build
resilience into the businessmodel.
That's it for today's episode.
Please consider subscribing tothe show, leaving a review, or
share it with someone.
Building their own locationindependent venture.
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