Moon Inc. Raises $8.8M To Put BTC On Prepaid Cards In Asia

Moon Inc. (HKEX: 1723) has raised about US$8.8 million to launch a Bitcoin pay as you go card in Thailand and South Korea, with plans to develop throughout Asia. The corporate, a pacesetter in pay as you go connectivity and digital asset options, confirmed the profitable HK$65.5 million fundraising earlier at present.

The spherical was supported by a consortium of Bitcoin miners and buyers by way of the issuance of recent shares and convertible notes, in keeping with a be aware shared with Bitcoin Journal. 

“The profitable completion of this non-public placement marks one other crucial milestone in Moon Inc.’s progress, and we’re grateful for the arrogance our new and present buyers have proven in our long-term imaginative and prescient,” stated John Riggins, CEO of Moon Inc.

In keeping with a submitting with the Hong Kong Inventory Change, the proceeds will assist Moon Inc.’s Pan-Asian growth, beginning with Thailand and South Korea, alongside the launch of its Bitcoin-enabled pay as you go card. 

The playing cards allow customers to amass, retailer, and switch Bitcoin with out the complexity of conventional wallets, merging Moon Inc.’s pay as you go telecom experience with modern digital asset performance.

In different phrases, the playing cards will let individuals purchase and ship Bitcoin simply, while not having a separate crypto pockets — principally like a pre-paid telephone card.

Trying forward, Moon Inc. is evaluating Taiwan, Japan, and Vietnam for future progress alternatives.

Conventional markets are merging with the Bitcoin financial system

Riggins framed the fundraise and new pay as you go card as a step towards bridging conventional capital markets throughout the Bitcoin financial system, leveraging Moon Inc.’s present wholesale telecom distribution networks. 

“We see this as greater than a fundraise — it’s a vote of confidence in Hong Kong’s position as a gateway for regulated digital-asset innovation and in Moon Inc.’s potential to bridge conventional capital markets with the Bitcoin financial system,” Riggins stated.

Again in March, the corporate grew to become the primary publicly traded firm in Larger China to undertake a Bitcoin treasury technique, integrating Bitcoin into each its stability sheet and retail enterprise mannequin.

The fundraising follows Moon Inc.’s majority acquisition by Sora Ventures and UTXO Administration earlier this 12 months, a transfer that has accelerated the corporate’s strategic initiatives and broadened its digital asset choices. 

Along with the pre-paid card, Moon Inc. additionally introduced they had been named considered one of Hong Kong’s 10 most modern firms by Capital Journal.

“We’re honored to be acknowledged for driving Bitcoin adoption in Asia, significantly by way of our pay as you go Bitcoin card,” Riggins stated.

Disclaimer: Moon Inc is a portfolio firm of UTXO Administration, a regulated capital allocator targeted on the digital belongings business. Bitcoin Journal is owned by BTC Inc., which operates UTXO Administration. UTXO invests in a wide range of Bitcoin companies, and maintains vital holdings in digital belongings.