MoonPay, a fintech startup dedicated to building crypto payments infrastructure, is reportedly expected to reach a valuation of $3.4 billion after conducting its first round of venture capital funding. 

The VC funding for the crypto payments startup is being co-led by Tiger Global Management and Coatue Management and will inject funds worth $400 million into the bootstrapped company. The MoonPay platform allows the purchase and sale of cryptocurrencies and digital assets using mainstream payment methods such as debit and credit card and local bank transfers.

While the funding information is not officially announced, a report from The Information suggests that “two people familiar with the matter” have confirmed the development. Once confirmed, MoonPay will represent a small demographic of crypto-related startups to reach unicorn-level valuation within three years.

Tiger Global and Coatue Management have partnered previously to fund numerous mid-sized blockchain, decentralized finance (DeFi) and crypto startups. Their latest investment was the $24-million funding for CertiK, a blockchain security firm.

MoonPay declined to share comment on the development.

Related: 10% of early-stage startups working on blockchain: GSER 2021

A Cointelegraph report from Sept. 22 showed a growing trend in blockchain and crypto investments as VCs prioritize emerging technology.

Additionally, data from Global Startup Ecosystem Report 2021 suggests that the blockchain industry has witnessed a 121% growth over the last five years, making it the second-fastest-growing sub-sector in terms of early-stage funding after the advanced manufacturing and robotics industry.

Moreover, crypto firms have received more funding in the first quarter of 2021 than the whole of 2020. Talking on a related subject with Cointelegraph, Jehan Chu, founder of Hong Kong-based VC investment firm Kenetic, said that “nothing is more compelling than peer pressure from the likes of Michael Saylor, Elon Musk and the stampede of institutional money charging into the market. VCs must have a position or a view on crypto, or risk missing the biggest market opportunity in a generation.”