Wall Street Giant ICE in Talks to Invest in Crypto Firm MoonPay
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The Wall Street giant, the Intercontinental Exchange (ICE), is in advanced discussions to invest in the crypto payment company MoonPay, according to a recent report by Bloomberg.
ICE is the parent company of the New York Stock Exchange, so its involvement with a crypto payment company could further blur the lines between the digital asset economy and traditional finance.
According to reports, the potential investment is part of a strategic funding round that has the potential to cause MoonPay’s valuation to skyrocket to around $5 billion. If it comes to pass, it will represent a 47% increase from the firm’s $3.4 billion valuation established during the last crypto market peak back in 2021.
For the moment, the specific amount that ICE might contribute to the MoonPay funding round remains undisclosed. However, if the firms really are talking, this could be a signal that ICE, one of the most influential market operators, feels confident about MoonPay and might position the crypto firm as a primary beneficiary of the accelerating institutionalization of crypto infrastructure.
What Would The Partnership Mean For ICE And MoonPay?
Reports have also highlighted the timing of ICE’s alleged interest in MoonPay, which comes at a time when the crypto firm finds itself in the middle of an aggressive regulatory and operational expansion. Only a few days ago, MoonPay managed to secure a Limited Purpose Trust Charter from the New York Department of Financial Services.
The license was added to its existing BitLicense – which is well-known for being quite difficult to obtain – and it allows the company to offer full-scale fiduciary and custody services in the state of New York.
More than that, the company’s potential alignment with ICE could provide it with access to global derivatives and equity markets, allowing it to delve deeper into institutional waters.
On the other hand, for ICE, the move is in alignment with its broader strategy of capturing on-chain value. Prior to this, the exchange committed $2 billion to the prediction platform Polymarket. Apart from that, it also started actively exploring stablecoin settlement integrations through another well-known crypto firm, Circle.
If it partners with MoonPay next, this could also turn the smaller company into a regulated gateway for the New York Stock Exchange’s massive network of institutional and retail clients, and help establish a seamless bridge for fiat-to-crypto transitions in the traditional financial system.
