Cryptocurrency payment processor MoonPay has acquired Web3 advertising agency Nightshift. The acquisition will allow the firm to help brands in entering the crypto and collectible token markets, the firm said. Also, with this purchase, MoonPay will be able to expand its presence and offerings in the Web3 industry.
In light of the transaction, MoonPay has decided to rebrand Nightshift to Otherlife. On the other hand, the financial details of the deal were kept secret. Furthermore, the acquisition news comes about a fortnight after MoonPay got official licensing by UK’s Financial Conduct Authority (FCA).
What becomes of MoonPay following the acquisition?
MoonPay says that Otherlife will provide services to some of the most well-known companies in the world, whether they be Web3 or not. The acquisition is a big deal because it helps MoonPay get closer to its ultimate objective of bringing all of its brand clients into the Web3 era. Throughout 2022, MoonPay significantly increased the number of services it offers to guarantee that it can support present and future customers with a smooth transition onto Web3.
As of the end of 2022, MoonPay had raised almost $642 million since its inception. The business’s early beginnings may be traced back to its role as a fintech innovator who enabled customers to buy cryptocurrency with traditional currency.
MoonPay has been actively expanding its presence in the NFT market over the past year, and in June of 2022, it introduced a new NFT platform dubbed HyperMint. Companies like Fox and Universal Pictures came on board as launch partners. Michael Moodie, co-founder of MoonPay, has said that the company will always strive to do more while remaining true to its roots.
MoonPay already works with companies like Nike, Universal, and Fox to provide crypto payment services and NFT infrastructure. Part of the buzz surrounding Otherlife’s acquisition can be attributed to MoonPay, which has prioritized reducing the pain points associated with transitioning to Web3. Most importantly, existing Nightshift clients will continue to get assistance from the agency, notwithstanding the name change.