MoonPay's CEO Ivan Soto-Wright Envisions a Future Where Crypto Wallets Replace Traditional Bank Accounts

The cryptocurrency landscape is undergoing significant consolidation, with MoonPay emerging as a crucial infrastructure provider for the next generation of Web3 applications. Having established a global presence with over 30 million verified users across 160 countries, the company facilitates an array of services, from fiat on-ramps to embedded DeFi experiences. Initially designed to simplify wallet top-ups via Apple Pay and debit cards, MoonPay now powers API-first solutions utilized by nearly every major DeFi application. According to Ivan Soto-Wright, MoonPay's CEO and co-founder, the company's mission has evolved from addressing the basic question of how to top up a wallet to equipping developers with the necessary tools to integrate crypto into daily life. Soto-Wright will be speaking at Consensus 2025 in Toronto. MoonPay is transitioning towards a fully API-driven, 'headless' infrastructure model, enabling developers to seamlessly integrate its services into their products, similar to Stripe. This strategic direction is underscored by the company's recent acquisition of Helio, a Solana-powered crypto payment processor, for a reported $175 million. Despite its substantial size and reach, MoonPay operates with the agility of a startup, boasting a team of only 300 employees focused on efficiency and execution. The company achieved 112% year-on-year growth, with Q1 2025 marking its strongest quarter to date. MoonPay's primary revenue stream comes from transaction fees on crypto purchases made via debit cards, Venmo, and Apple Pay. However, it is exploring zero-fee trading products, such as 'Balance,' which allows users to deposit cash and trade instantly. As a renowned entrepreneur and investor, Soto-Wright is a member of the Milken Institute Fintech Advisory Council. Prior to founding MoonPay, he was the CEO and co-founder of the smart money app Saveable and began his career at the London-based investment firm Redington. In a conversation with CoinDesk, Soto-Wright shared his insights on emerging trends in crypto, predicting that decentralized exchanges (DEXs) will surpass centralized exchanges (CEXs) as users demand control over their assets while expecting a seamless user experience. He believes that MoonPay's ethos aligns with this trend, as it advocates for more peer-to-peer crypto transactions, leveraging the benefits of decentralized exchanges. Soto-Wright envisions a future where cryptocurrency wallets will replace traditional bank accounts, with users maintaining multiple wallets, similar to having multiple bank accounts. MoonPay is poised to provide the critical infrastructure necessary to power these wallet experiences through its MoonPay Widget product and APIs. When asked about potential future acquisitions, Soto-Wright indicated that M&A is a significant growth driver for the company, serving as an accelerator to quickly bring more products to market. The acquisition of Helio, which enabled MoonPay to power crypto commerce for merchants, exemplifies this strategy. Soto-Wright emphasized that the company is always open to M&A opportunities, particularly those that can help achieve its vision for the future of payments. A key theme for MoonPay is the shift from custodial to non-custodial finance, with the company believing that crypto should be non-custodial first. To facilitate this shift, MoonPay is developing solutions that provide a CEX experience within a DeFi environment, making it easier for users to interact with DeFi by abstracting away complexity into easy-to-integrate SDKs and widgets. Looking ahead, MoonPay may explore the development of a stablecoin, with early signs evident in its Balance product. While plans are not yet confirmed, the potential for a MoonPay stablecoin underscores the company's commitment to innovation and its role in shaping the future of crypto.