Keith A. Grossman is a global leader in the rapidly evolving world of Web3, and Blockster is honored to have had the chance to interview him at NFT Paris. Keith is the President of Enterprise at MoonPay, a financial technology company that builds payments infrastructure for crypto. From his involvement in NFT Paris to the inner workings of MoonPay, this interview provides insight into the vision and future of blockchain technology.
The Evolution of MoonPay
MoonPay’s core business began as a fiat to crypto on-ramp, and the company has since expanded its services to include swap and off-ramp solutions, as well as comprehensive Web3 infrastructure for enterprise brands. With 19 million customers, MoonPay is in a unique position to offer global coverage, enabling transactions in over 160 different countries.
MoonPay’s infrastructure business spans end-to-end solutions for payments, identity verification, minting, authentication and more. An example of this is the minting solution, HyperMint, which empowers anyone to create NFTs without having to worry about the technical complexities. Unlocking this technology for the masses is a game-changer, as it enables widespread adoption and innovation in the NFT space.
NFT Paris, 2024
The evolution of MoonPay’s infrastructure offerings continued in 2023 with its acquisition of ethpass, an API solution that unlocks real-world experiences by connecting digital assets to Apple and Google Wallets. After a pass has been issued, it ensures that the ownership status of the token is properly reflected on the pass at any given time. This makes it easier for users to interact with their NFTs and enables use-cases like allow-lists, event ticketing, and loyalty programs.
"What we've seen over the course of the year is our ability to create an end-to-end spectrum in the Web3 infrastructure space."
Keith A. Grossman
The acquisition of Nightshift (now rebranded to Otherlife), a digital creative agency designing unconventional end-to-end solutions for Web3, further expanded MoonPay’s offerings. Otherlife enables MoonPay to support enterprise clients with Web3 strategy, design and engineering.
A Horizontal Approach
It's often expressed that many enterprise brands are interested in stepping into the world of Web3. The problem is that they lack the necessary knowledge to do so, or they feel intimidated by the complexity of it all. With MoonPay's growing suite of offerings, its goal is to make Web3 accessible and user-friendly for everyone.
Keith explains that many players in this space are taking a vertical approach to their offerings, but MoonPay is taking a more horizontal approach in the market. MoonPay wants to serve as the bridge between enterprise brands and the Web3 world, offering a diverse suite of solutions to power innovative Web3 strategies and ideas.
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That said, MoonPay's horizontal approach does not lack depth. The company has been hiring top talent to bring their diverse expertise and experiences to the table, effectively creating a competitive advantage.
As someone coming from the Web2 landscape, Keith understands the importance of compliance and security and these values are also deeply embedded into MoonPay. As more Web2 companies engage in Web3 technology, they will continue to prioritize anti-fraud and anti-money laundering measures. MoonPay is committed to the ongoing reinforcement of its robust compliance framework, even ensuring that it is prepared for anticipated regulatory requirements in the future.
Web3 In The Financial Industry
This interview was conducted a day prior to Keith’s talk at NFT Paris. As such, Blockster reporter Ivan Zhelev was able to gain unique insights into what Keith finds fascinating about blockchain technologies with a touch of how it will affect the finance industry. There are three things that blockchain can do that Keith believes have the potential to change the way we do things:
Identity.
Digital Ownership.
Machine to Machine Efficiency.
He elaborates by explaining that in traditional systems, trust flows from top down with many intermediaries. Blockchain technology enables the elimination of intermediaries and allows for direct peer-to-peer transactions, increasing efficiency and reducing costs. This is especially valuable in the financial industry where trust is paramount.
"Blockchain will be as disruptive to those industries as digital was to media."
Keith A. Grossman
Trend Lines Over Speculation
Rather than speculating on bear and bull markets, Keith believes we should focus on the long-term trend lines in Web3. He put this into perspective by noting that everyday more and more people are born who will grow up in a digitally native world. Eventually, those people will outnumber those who are more comfortable with physical or traditional assets. This reality leads to the logical conclusion that the reliance on technology and, by extension, blockchain technology, will only continue to increase over time.
However, despite the trend lines, bullish predictions may not come true until later, (even as long as a decade) after the technology is accepted and integrated into our daily lives. He gives an example about HD television - technology publication WIRED wrote an article about HD television in 1993 that didn't come to fruition until years later in 2002. This highlights the importance of not getting caught up in speculation and instead focusing on long-term trends.
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He explains further that we are no longer in the '1993 phase of crypto', but we aren't quite at the '2002 phase of crypto' either. The initial wave of NFTs introduced the public to the notion of digital ownership and how Web3 technologies can enable it. This has opened up a whole world of possibilities and use cases that are still being explored.
Before NFTs enter into the financial space, Keith believes they will disrupt memberships, rewards, and ticketing.
The Term 'Web3' Might Die Out, But Web3 Won't
To close out the conversation, Keith uses the Dot Com era as an example to explain how the term ‘Web3’ may no longer be used in the future, but the underlying technology and concept will continue to evolve. He likens it to when the term ‘Dot Com’ faded away, but the internet continued to grow and transform industries.
Amazon was referred to as a ‘Dot Com’ company in the early days, but now it is an e-commerce giant that has disrupted traditional retail. Similarly, Web3 may eventually become just another aspect of technology, like how the internet is today. Web3 companies may just become known as ‘innovative tech companies’ rather than being solely identified by the term Web3.
What we refer to now as ‘Web2’ companies also won't just go away, but they will likely adapt and incorporate aspects of Web3 in order to stay competitive. This evolution will create a new landscape for businesses and industries, with endless possibilities and potential for growth. And MoonPay is strongly positioned to help facilitate this evolution with its impressive technology and expertise.
MoonPay Minute: Unpacking Stablecoins 🪙🔄
🛡️ Stablecoins are cryptocurrencies that are pegged to assets like the U.S. Dollar to avoid the fluctuations of the crypto market
The Biggest Players currently are built on #Ethereum like USDT and USDC. USDT favored for trading… pic.twitter.com/CuqQW2D92r— MoonPay 🟣 (@moonpay) February 24, 2024
Final Thoughts
Keith is confident in MoonPay's potential to disrupt industries. As a company that is on the cusp of revolutionizing the way businesses operate, MoonPay is sure to continue making waves in the world of Web3 and fintech. With its innovative technology, commitment to security, and passion for providing an inclusive financial landscape, MoonPay is paving the way towards a more connected and decentralized future.
From individuals wanting to enter into the crypto sphere through simple credit card purchases, to major corporations creating campaigns on the blockchain, MoonPay is poised to become the go-to platform for all things Web3.
So buckle up and get ready for an exciting ride with MoonPay as the driving force behind the future of finance.
