TIME Magazine is one of the most iconic media publications of today. The physical publication still had a massive circulation of 1.6-Million, even in the digital age, after most print publications perished. But now it seems even the untouchable is being ‘touched’ by the digital era. The ex-head of TIME magazine, Keith Grossman, is leaving the publication in favor of a Crypto Startup — to be the new MoonPay President.
History of New Moonpay President
Grossman has been at the helm of TIME since 2019. He became President of the company after it was sold to the company Salesforce for US$190-million-dollar.
He will take over MoonPay on December 31st.
Before TIME magazine, Grossman also held leadership positions at Bloomberg and Wired. The latter of the two surely being beneficial to his transition to Moonpay, as it’s a publication focused on emerging technologies.
What is Moonpay?
Moonpay is exactly that, a modern technology & service.
On the company website, it defines itself as ‘a financial technology company that builds payments infrastructure for crypto. ‘
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In layman’s terms, it’s a cryptocurrency exchange. It’s biggest claim to fame to date is its collaboration with top cold wallet brand, Ledger.
Ledger has sold 3-million of its hardware devices worldwide. And it estimates 1.5-million users are active on their crypto app each month.
MoonPay is one of 4 services promoted in-app by Ledger to allow its users to buy & sell cryptocoins.
Who invested in Moonpay?
Last year, Moonpay raised $642-Million in funding from various entities. The list of investors included many Hollywood A-listers: Justin Bieber, Ashton Kutcher, Snoop Dogg, Drake, Chainsmokers, Gwyneth Paltrow, Jason Derulo, Kate Hudson, Paris Hilton, Matthew McConaughey, Mindy Kaling, QuestLove of rap group The Roots, and Shawn Mendes.
MoonPay was founded just 4 years ago in 2018 and is still a new company. Its headquarters is based in the sunshine state’s favorite party destination — Miami, Florida.
Before the catastrophic FTX crypto-exchange collapse, the cryptocurrency payment service was valued at $3.4-Billion in 2021. It’s not likely to be worth the same in the current crypto-winter and recession. And somes speculate it could have fallen to less than a valuation of $1-billion. However, if Cryptos recovers, it could spring past that $3.4-billion.
The decline in value does not fret Keith Grossman . The soon President of Moonpay believes the FTX crash is helping purge the market.
“I think it’s important to separate a bad actor from an industry,” said the former TIME magazine executive on the FTX collapse and surrounding events.
He also elaborated on the growth to come in cryptocurrency after crypto-winter’s burning many established brands down.
“[There] will probably be some responsible regulation that will provide clarity for large companies that want to get into the space.”
His statement parallels those of software developer and popular Bitcoin maximalist Davinci Steven. He spoke on ‘the Purge’ recently in a video with Youtube host Larry Jones. The man who advised everyone watching his video 2011 to buy Bitcoin and would insure their investment up to $1k, only has one disagreement. Stevens does not want government regulation to enter the cryptocurrency space.
Keith Grossman will take over as lead of Moonpay on December 31st.