Moon Inc. (HKEX: 1723) has raised approximately US$8.8 million to launch a Bitcoin prepaid card in Thailand and South Korea, with plans to expand across Asia. The company, a leader in prepaid connectivity and digital asset solutions, confirmed earlier today that it had successfully raised HK$65.5 million.
According to a note shared with Bitcoin Magazine, the round was supported by a consortium of Bitcoin miners and investors through the issuance of new shares and convertible bonds.
“The successful completion of this private placement marks another important milestone in Moon Inc.’s growth, and we are grateful for the confidence that new and existing investors have shown in our long-term vision,” said John Riggins, Moon Inc. CEO.
The proceeds will be used to support Moon’s pan-Asia expansion, starting with Thailand and South Korea, in parallel with the launch of its Bitcoin-enabled prepaid card, according to a filing with the Hong Kong Stock Exchange.
The card allows users to acquire, store and transfer Bitcoin without the complexity of traditional wallets, blending Moon Inc.’s prepaid communications expertise with innovative digital asset features.
In other words, the card allows people to easily buy or send Bitcoin without the need for a separate cryptocurrency wallet, essentially like a prepaid phone card.
Looking to the future, Moon Inc. is evaluating Taiwan, Japan, and Vietnam as future growth opportunities.
Traditional markets are merging with the Bitcoin economy
Riggins framed this financing and new prepaid card as a step toward leveraging Moon’s existing wholesale communications distribution network and bridging traditional capital markets within the Bitcoin economy.
“We see this as more than just a capital raise. It is a vote of confidence in Hong Kong’s role as a gateway for regulated digital asset innovation and Moon’s ability to bridge traditional capital markets with the Bitcoin economy,” Riggins said.
Back in March, the company adopted a Bitcoin treasury strategy, becoming the first listed company in Greater China to integrate Bitcoin into both its balance sheet and retail business model.
This funding follows the acquisition of a majority of Moon Inc. by Sora Ventures and UTXO Management earlier this year, a move that accelerated the company’s strategic initiatives and expanded its digital asset offering.
In addition to the prepaid card, Moon Inc. also announced that it has been named one of Hong Kong’s 10 most innovative companies by Capital Magazine.
“We are honored to be recognized for driving the adoption of Bitcoin in Asia, especially through prepaid Bitcoin cards,” Riggins said.
Disclaimer: Moon Inc is a portfolio company of UTXO Management, a regulated capital allocation firm focused on the digital asset industry. Bitcoin Magazine is owned by BTC Inc., which operates UTXO Management. UTXO invests in various Bitcoin businesses and maintains significant holdings in digital assets.
Source: https://bitcoinmagazine.com/business/bitcoin-on-a-prepaid-card-moon-inc-raises-8-8m-to-make-it-happen-in-asia
