MoonPay Appoints Derek Yu As New Treasurer To Strengthen Treasury Operations
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MoonPay, a global leader in crypto payments, revealed that it has chosen Derek Yu as its Treasurer. Yu has experience in audit and treasury, most recently serving as Treasurer at Paxos, a regulated blockchain platform focused on tokenization.
Yu helped Paxos launch stablecoins in the United States, Singapore, and the United Arab Emirates. He played a key role in managing, overseeing, and winding down Binance USD, one of the largest stablecoins backed by the US dollar.
Yu Joins MoonPay Amid Expansion In Stablecoin And Crypto Services
Yu also helped Paxos secure funding and worked on getting approval from the Office of the Comptroller of the Currency for a national trust bank charter. He is a licensed Certified Public Accountant in New York.
At MoonPay, Yu will oversee cash, liquidity, stablecoins, banking, payments, treasury operations, and asset management. He will also focus on market trends and treasury allocations between fiat, stablecoins, and cryptocurrencies to ensure liquidity and increase returns.
MoonPay leader Ivan Soto-Wright said hiring an expert in treasury operations is important as the company handles large stablecoin volumes. He added that Yu’s experience will help expand the company’s expertise in managing a tokenized treasury.
Yu’s appointment comes as MoonPay grows. The company recently became a distribution partner for Ripple USD, Ripple’s stablecoin. It also announced support for PayPal USD and highlighted the importance of competition in the stablecoin market.
The platform has also added many new crypto users and seen a sharp increase in first-time on-chain transactions as the official on-ramp for the $TRUMP token.
MoonPay Expands Crypto Payment Services And NFT Integration
MoonPay is a financial technology company that operates worldwide, focusing on cryptocurrency transfers. Founded by Maximilian Crown, Victor Faramond, and Ivan Soto-Wright, the company is based in Miami and provides payment infrastructure for buying and selling cryptocurrency and non-fungible tokens (NFTs) with fiat currency.
Over time, MoonPay processed billions of dollars in cryptocurrency transactions. It enabled users to convert various payment methods, including credit cards and Apple Pay, into cryptocurrency. The software was integrated into major crypto platforms such as OpenSea and Bitcoin.com.
In its first funding round, MoonPay secured millions in investment from firms including Tiger Global Management, Thrive Capital, NEA, Blossom Capital, Coatue Management, and Paradigm Operations. The deal placed MoonPay’s valuation in the billions. After securing funds, the company planned to expand its workforce and pursue acquisitions to drive growth.
The South Florida Business Journal reported that MoonPay called itself the largest provider of cryptocurrency payment infrastructure. MoonPay later enabled customers to buy non-fungible tokens (NFTs) directly through marketplaces using its technology, instead of only purchasing cryptocurrency.
