MoonPay buys Glide to expand crypto deposit infrastructure

MoonPay has acquired Glide, a crypto deposits and payments technology company, in a deal that adds Glide’s team, customers and routing infrastructure to MoonPay Deposits. Glide processes more than $100 million in annual volume across more than 100 tokens and over 30 blockchain networks, according to MoonPay.

The companies did not disclose financial terms. MoonPay said the acquisition expands its deposit capability for partners that want users to fund crypto wallets from different tokens, wallets, exchanges or cards through a single connection.

Glide was founded in 2023 by Tushar Soni and Qinyu Tong, who MoonPay said previously led the team behind Robinhood’s crypto wallet. The company was backed by Y Combinator and Titan Fund, according to MoonPay.

How Glide’s deposit technology works

MoonPay said Glide has built a routing layer that links a user’s funding source to a destination selected by an app. The system chooses between an instant relayer and bridge-and-swap routes, with the aim of balancing speed and cost.

In crypto payments, bridge-and-swap routes typically move value between blockchain networks and convert one token into another where needed. A relayer can allow a transaction to be completed more quickly by advancing settlement before all underlying steps have finished. MoonPay said Glide’s system can settle cross-chain transactions instantly, including multi-million-dollar transfers, using self-custodial escrow smart contracts that can be verified onchain.

MoonPay said the technology will be folded into MoonPay Deposits. The company described the combined product as a non-custodial funding solution, meaning users do not have to hand over custody of their assets to the deposit provider in the same way they would with a custodial intermediary.

MoonPay broadens its funding stack

MoonPay said the transaction supports a broader strategy to own more of the funding process for crypto applications, including onramps, virtual accounts, swaps and deposits. The company said partners can use one system rather than connecting several providers.

Deposits are a key step in crypto app onboarding because they are often the first time a user brings funds into a wallet or application. MoonPay said Glide’s tools allow apps to offer users a path to fund wallets with the token or payment method they already hold.

“We built Glide so users could fund their wallets quickly with the tokens they already have and for apps to streamline their onboarding,” said Tushar Soni, Glide’s chief executive and co-founder. “Joining MoonPay lets us combine our deposits product with everything else MoonPay offers, like ramps, virtual accounts, and swaps, and bring that to the largest apps in the world.”

Ivan Soto-Wright, MoonPay’s co-founder and chief executive, said deposits are a natural starting point for new users bringing funds onto a platform. He said Glide’s team and technology would accelerate MoonPay’s deposits strategy.

MoonPay said MoonPay Deposits is available to partners now.

This story draws on original reporting from Finextra Research.