Moon Inc. Raises $8.8M To Put BTC On Prepaid Cards In Asia
Moon Inc. (HKEX: 1723) has recently secured a substantial investment of approximately US$8.8 million to introduce a Bitcoin prepaid card in Thailand and South Korea, with plans to expand its reach across Asia. The company, known for its expertise in prepaid connectivity and digital asset solutions, officially confirmed the successful fundraising of HK$65.5 million earlier today.
The investment round was backed by a consortium of Bitcoin miners and investors through the issuance of new shares and convertible notes, as reported by Bitcoin Magazine. John Riggins, the CEO of Moon Inc., expressed gratitude for the confidence shown by both new and existing investors in the company’s long-term vision.
According to a filing with the Hong Kong Stock Exchange, the proceeds from the fundraising will be utilized to support Moon Inc.’s expansion into various Asian markets, starting with Thailand and South Korea. The primary focus will be on the launch of a Bitcoin-enabled prepaid card, which will revolutionize the way users acquire, store, and transfer Bitcoin without the complexities associated with traditional wallets.
In essence, these prepaid cards will allow individuals to easily purchase and send Bitcoin without the need for a separate crypto wallet, similar to a pre-paid phone card. Moon Inc. is also considering potential growth opportunities in Taiwan, Japan, and Vietnam as part of its future expansion plans.
John Riggins highlighted the significance of the fundraising and the introduction of the prepaid card as a strategic move towards bridging traditional capital markets with the Bitcoin economy, leveraging Moon Inc.’s existing wholesale telecom distribution networks. He emphasized Hong Kong’s role as a gateway for regulated digital asset innovation and Moon Inc.’s capability to connect traditional capital markets with the Bitcoin economy.
Earlier this year, Moon Inc. made headlines by becoming the first publicly traded company in Greater China to adopt a Bitcoin treasury strategy, integrating Bitcoin into both its balance sheet and retail business model. The recent majority acquisition of Moon Inc. by Sora Ventures and UTXO Management has further accelerated the company’s strategic initiatives and expanded its digital asset offerings.
In addition to the prepaid card launch, Moon Inc. was also recognized as one of Hong Kong’s 10 most innovative companies by Capital Magazine. John Riggins expressed gratitude for the acknowledgment of Moon Inc.’s efforts in driving Bitcoin adoption in Asia, particularly through the introduction of the prepaid Bitcoin card.
It is important to note that Moon Inc. is a portfolio company of UTXO Management, a regulated capital allocator focusing on the digital assets industry. BTC Inc., the parent company of Bitcoin Magazine, operates UTXO Management, which invests in various Bitcoin businesses and holds significant holdings in digital assets.
