MoonPay, a DeFI project, has raised $87 million in funding from luminaries in the music, sports, and entertainment industries.

MoonPay revealed that over 60 public figures and organizations from the music, sports, and entertainment industries have invested a total of $87 million in the company.

MoonPay is a DeFi project that aims to boost cryptocurrency adoption. It provides a quick and easy way to trade cryptocurrencies. Additionally, the team feels that purchasing cryptocurrency should not be that complex.

Movie stars including Bruce Willis, Ashton Kutcher, and Kate Hudson have invested in the company, as have pop artists like Justin Bieber, Jason Derulo, and Shawn Mendes. All of these investors are from fields that will almost certainly be transformed by Web3 technology.

Celebrities are probably interested in the company because it serves high-net-worth individuals interested in NFT or crypto by purchasing it for them. The company also promotes NFT sales on television and other channels.

Furthermore, the financing is a component of the $555 million Series A financing round announced in November. The fundraising, which valued the company at $3.4 billion, also resulted in numerous large agreements, including one with OpenSea.

Ivan Soto-Wright, CEO of MoonPay, also stated that Web3 is fundamentally reshaping the concept of creating value. He further added that the funding will aid in leading the creative crypto revolution. Furthermore, the DeFi initiative intends to mainstream Web3 by bringing artists, athletes, and creatives on board.

Last month, MoonPay hired James Freis, a former money-laundering prevention official at the US Treasury Department, as a special adviser for regulatory matters.