This analysis was first published in SvD Näringsliv, in Swedish, on October 23rd, 2022. This piece was translated from Swedish by Claude. Some phrasing may differ from a human translation.

The PayPal of crypto — that is what Moonpay is trying to become. Whether they succeed or fail will say a great deal about how the wider crypto market develops.

Crypto company Moonpay made a splashy entrance into the startup world when it raised one of the largest investment rounds ever for a young company — $555 million, around six billion kronor. The idea: to let people buy cryptocurrency and NFTs using ordinary credit cards.

The concept might not sound especially radical, but anyone who has tried to buy and sell cryptocurrency knows it is anything but simple. Moonpay is trying to be the bridge that makes it possible to both acquire and use cryptocurrency.

Actually being able to spend your bitcoin on something is also an unsolved problem. For the sector to achieve a real breakthrough, cryptocurrency needs to become normalised and usable in ordinary shops. That is what makes Moonpay worth watching — they are a telling indicator of how that development is going.

Will it become a new payment method for the masses? Or will we look back on it as a technical experiment that went off the rails?

Business model: Enable people to buy cryptocurrency and NFTs using ordinary credit cards. Notable figure: Raised six billion kronor to become the PayPal of cryptocurrency.