Blockchain payments infrastructure firm MoonPay has unveiled a new platform to simplify the Web3 experience for brands and consumers. The platform, dubbed Web3 Tools, helps brands provide a less complex Web3 journey.
“MoonPay’s Web3 Tools now offers a comprehensive suite of features, including authentication, identity verification, token-gating, ticketing, and insights — empowering brands to build communities, foster loyalty, and unlock new revenue streams,” the company said in a statement.
The platform has already been used by global brands such as Adidas, Gucci, Puma, and Mastercard in their Web3 initiatives. For example, Puma leveraged Web3 Tools to create digital twins of its latest collections, allowing customers to purchase digital sneakers redeemable for physical pairs.
MoonPay developed Web3 Tools using technologies acquired through its purchase of NFT solution ethpass, as well as the previously undisclosed acquisitions of Plex Labs and Nifty’s.
“The full potential of digital ownership can’t be realized in today’s fragmented Web3 landscape,” stated MoonPay CEO Ivan Soto-Wright. “Brands need safety and simplicity to confidently bring new commerce opportunities to market.”
To bridge the gap between Web2 and Web3, MoonPay provides companies with support across compliance, know-your-customer and anti-money laundering practices, and fraud prevention.
The customer loyalty and engagement market is expected to reach $25.4 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.3%. The rise of subscription-based business models across various industries has driven the adoption of loyalty programs targeting recurring revenue streams.
MoonPay, a crypto unicorn backed by venture firms such as Tiger Global, Coatue, Blossom Capital, Thrive Capital, and Paradigm, was launched in 2019. The startup focuses on bridging fiat-to-crypto transactions using debit and credit cards.
Earlier this month, MoonPay contributed $1 million to Stand With Crypto, an advocacy group with a political action committee (PAC) established by cryptocurrency exchange Coinbase.
Former President Donald Trump stated that he would accept cryptocurrency for campaign donations. Additionally, memecoins centered around both Biden and Trump saw a rally in early May.
