In an email to employees on Wednesday, Soto-Wright detailed the cuts, which include role eliminations, relocations, and structural changes. Although the email did not specify the number of employees affected, LinkedIn records suggest around 30 people, given MoonPay’s current headcount of nearly 300. A MoonPay spokesperson confirmed the email’s contents to The Block but declined to specify the exact number of layoffs.
“These changes will allow us to improve our cost structure and strengthen our foundation,” Soto-Wright wrote. He noted that MoonPay remains financially sound with a substantial runway, but operating margins are not at the desired level. Despite being cash-flow positive, the company faces high costs due to over-investment in certain areas and geographies.
“It would be irresponsible to our team and our shareholders not to address this,” Soto-Wright added.
Affected employees may receive separation packages, and Soto-Wright emphasized that those impacted would retain the opportunity to be shareholders in the company.
The layoffs occur as MoonPay continues to launch new products and services. Recently, the company introduced a web3 tool platform for brands entering the crypto space, integrated PayPal for easier U.S. crypto purchases and sales, and partnered with BitPay to streamline crypto transactions. The platform has already been used by global brands such as Adidas, Gucci, Puma, and Mastercard in their Web3 initiatives. For example, Puma leveraged Web3 Tools to create digital twins of its latest collections, allowing customers to purchase digital sneakers redeemable for physical pairs.
Backed by prominent investors such as Paradigm and Coatue, MoonPay was valued at $3.4 billion after raising $555 million in a Series A funding round in 2021. The company has recently contributed $1 million to Stand With Crypto, an advocacy group with a political action committee (PAC) established by cryptocurrency exchange Coinbase.
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