Cryptocurrency payments company MoonPay is working on a potential acquisition deal with HelioPay, aiming to expand its cryptocurrency payment services and boost its existing user base.
Company acquisition process so far.
MoonPay could compete directly with Coinbase Commerce.
According to Fox Business Journal reporter Eleanor Terrett, MoonPay is still negotiating to acquire HelioPay for around $150 million.
While the specific terms of the deal have yet to be disclosed, some are already speculating that if the Miami-based company buys Helio, it could soon be able to compete with Coinbase Commerce, a major player in self-service crypto payments.
Helio already offers Bitcoin, Ether, and several stablecoin payments to over 6,000 e-commerce merchants and content creators, remaining a viable alternative to Coinbase Commerce. It has even integrated Solana Pay into its Shopify platform, which has nearly 140 million monthly users.
If MoonPay is able to acquire Helio, it could increase its cryptocurrency service offerings and potentially attract more users to its platform.
MoonPay has obtained a money transfer license for its operations in Texas.
In addition to its recent negotiations with Helio, MoonPay is working to expand its presence in the e-commerce sector.
For starters, it received a money transmitter license from the Texas Department of Banking this month. Now, the fintech company can freely operate in Texas, allowing users to purchase 64 different cryptocurrencies on its platform through Venmo and PayPal.
The company even plans to allow its Texas users to sell different cryptocurrencies like Bitcoin and Ethereum by 2025.
MoonPay is committed to prioritizing compliance and consumer protection as we expand access to cryptocurrencies in Texas and beyond. We look forward to continuing our close work with regulators to bring our crypto solutions to more users around the world. ~ Evan Soto Wright
On November 13, the Miami-based company also launched MoonPay Balance, a fiat-to-crypto payment solution. The new payment solution now allows users in the EU or UK to top up their EUR or GBP balance and use it to buy or sell cryptocurrencies. Additionally, the platform will allow users to further interact with DeFi protocols from non-custodial wallet solutions like MetaMask and Phantom.