Crypto payment service, MoonPay has announced it is launching an investment arm to help drive the adoption of Web3.

In a statement, the firm said its MoonPay Ventures division will engage with early-stage companies across the Web3 and fintech ecosystem with plans to offer capital as well as access to top-tier teams, ideas, emerging business models, and GTM playbooks in Web3.

The new venture arm will leverage MoonPay’s experience and resources to provide startups with access to a range of industry partners spanning Layer 1 and Layer 2 blockchains, marketplaces, wallets, and exchanges, it said.

As part of the move, MoonPay Ventures will sit within the company’s Corporate Development group and will be led by Abhay Mavalankar, who joined MoonPay after a decade in investment banking and venture capital at Morgan Stanley, Centerview, and Cisco Investments.

“It takes big ideas to change how the world interacts with Web3, and we are witnessing breakthrough companies push the boundaries of innovation every day,” said Ivan Soto-Wright, CEO & Co-Founder at MoonPay. “

He added: “As we continue building at MoonPay, we’re also committed to uplifting the standout players in our ecosystem so we can collectively work toward mass Web3 adoption. Launching MoonPay Ventures is a major milestone in bringing this vision to life and allows us to leverage our resources to support our portfolio companies, and in turn, the Web3 industry as a whole.”

MoonPay Ventures has already made investments in several companies including BCB Group, BRUT, BeatClub, absolute labs, Create/OS, BridgeTower Capital, and Mythical Games.

“Given our position in the payments and Web3 stack, we are uniquely positioned to identify and invest in the most promising projects and teams and we look forward to collaborating with these innovators to create a more accessible financial future for all,” Mavalankar added.

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