MoonPay Acquires Glide to Bolster Crypto Deposit Infrastructure
Vexoda Newsroom
MoonPay has acquired crypto infrastructure startup Glide to expand its cross-chain deposit capabilities, aiming to streamline user experiences and reduce friction in cryptocurrency transfers.
MoonPay, a financial technology platform specializing in fiat-to-crypto payment services, recently announced the acquisition of Glide, a crypto infrastructure company founded by former Robinhood Wallet engineers. This move is part of MoonPay’s broader strategy to become a digital asset infrastructure provider beyond its original payments business.
Founded in 2023 by Tushar Soni and Qinyu Tong, Glide was established to facilitate cryptocurrency deposits from various tokens, wallets, exchanges, and payment sources across multiple blockchain networks. The company supports over 100 tokens on more than 30 blockchain platforms, addressing the complexity of cross-chain transactions.
Soni and Tong identified a recurring issue during their time at Robinhood Wallet: users frequently faced difficulties in funding their wallets due to misaligned tokens or chains. Their solution was Glide’s unified deposit flow technology, which simplifies the process by eliminating manual bridges and swaps required for deposits from different sources.
Following this acquisition, Glide's technology will be integrated into MoonPay Deposits, a product already used by applications such as Wallet in Telegram, Moonshot, and Paysafe. MoonPay CEO Ivan Soto-Wright emphasized that this deal aligns with the company’s broader infrastructure strategy, which has seen several acquisitions over the past year.
The integration of Glide's technology is expected to enhance MoonPay’s capabilities, particularly in managing cross-chain deposits efficiently. This move could significantly reduce user frustration and improve overall crypto adoption by making transactions more seamless and accessible.
MoonPay continues its expansion through further acquisitions, including Sodot, Decent, DFlow, Entendre, and Dawn Labs. With a strong investor base that includes Thrive Capital, Paradigm, Valhalla Ventures, Tiger Global Management, and Coatue, MoonPay is well-positioned to continue growing in the digital asset space.
The acquisition of Glide underscores MoonPay’s commitment to addressing key pain points in cryptocurrency transfers, such as users losing funds due to incorrect token or chain selections. As blockchain-based platforms evolve, robust infrastructure will be crucial for seamless operations.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.