• Moon, a Bitcoin startup, raises $2.1 million to expand into new markets

  • Moon, a bitcoin startup, has raised $2.1 million in funding to expand its partnerships and offer more types of e-commerce cryptocurrency payments.

    Moon CEO Ken Kruger told CoinDesk that the proceeds will be used to expand into a web and mobile application, allow users to fund Moon cards with accounts from other exchanges (currently Moon only uses Coinbase), expand its geographic reach, allow users to pay with stablecoins in addition to bitcoin, and expand its team of seven to a team of ten or one.

    Fenbushi Capital, New Form Capital, SBX Capital, Manresa Ventures, Fulgur Ventures, Flight.VC, Bentaus, Block0, Charlie Lee, and Bill Murphy, the former CTO of Blackstone, all participated in the round.

    “We’re looking for other exchanges that want off-ramp payments capabilities,” Kruger said. “We’re also looking for people with stablecoins and payment tokens. So we’re collaborating with Celo and partnering with Zcash.”

    Moon also intends to make the product available to merchants outside of the United States.

    “Because we collect such a limited amount of personal information, the cards can only be used at merchants in the United States,” Kruger explained, adding:

    “Depending on the jurisdiction, there are certain things we could do to allow people from other countries to spend in their own country. … We may require bank partners in certain regions, but we’re speaking with Visa to see if there’s a way to avoid that. It takes a lot of knowledge to understand the regulations in each region.”

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