MoonPay has acquired Glide, a crypto infrastructure startup founded by former Robinhood Wallet engineers, in an all-equity deal. The acquisition is aimed at expanding MoonPay cross-chain crypto deposit capabilities as the payments firm continues to build out its suite of services for both retail and institutional clients.
Glide, which was backed by Y Combinator, developed technology that simplifies the process of moving cryptocurrencies between different blockchain networks. Its solutions address a persistent friction point in the crypto user experience, where transferring assets across different chains often requires multiple steps and technical knowledge.
The acquisition comes as MoonPay, which achieved unicorn status in 2021, has been aggressively expanding beyond its original fiat-to-crypto onramp business. The company now offers a range of services including NFT checkout, token treasury management, and enterprise-grade infrastructure for financial institutions looking to offer crypto services to their customers.
The deal is part of a broader consolidation trend in the crypto infrastructure space, where companies are acquiring specialized technology providers rather than building competing solutions in-house. MoonPay said the Glide team will remain intact and will continue to develop their technology as part of the MoonPay ecosystem.
The acquisition also signals continued investor confidence in the crypto payments sector, despite the broader market downturn. MoonPay has been positioning itself as a critical bridge between traditional finance and digital assets, processing transactions for major brands including PayPal-owned Venmo and several major NFT marketplaces.
This article was adapted from Cointelegraph. Read the original here.
