MoonPay acquired Glide, a crypto infrastructure startup founded by former Robinhood Wallet engineers, to expand cross-chain crypto deposit infrastructure.
MoonPay has acquired the crypto infrastructure startup Glide, integrating Glide’s deposit and routing technology, the companies said in a joint announcement shared with Cointelegraph on Thursday.
MoonPay, a financial technology platform that provides fiat-to-crypto payment services, said the deal is part of MoonPay’s broader effort to become a digital asset infrastructure provider, adding capabilities beyond its original crypto payments business.
Glide was founded in 2023 by Tushar Soni and Qinyu Tong, former members of the team behind Robinhood Wallet. The company was founded to help applications accept deposits from different tokens, wallets, exchanges and payment sources. Glide supports more than 100 tokens across 30 blockchain networks, according to the platform’s documentation.
Soni and Tong founded Glide to solve recurring problem they observed while working with Web3 consumer startups, where users struggled to fund their wallets, Soni told Cointelegraph.
“Funds sat on the wrong chain, in the wrong token, on an exchange, or on a card, and every deposit meant bridges, swaps, and drop-offs,” he said.
The Glide co-founders met at Robinhood, where they worked together on Robinhood Wallet. “We got into Y Combinator with a plan to build wallet infrastructure for Web3 consumer startups, but working with those startups showed us that users struggled to get money into their wallets,” Soni said.
Qinyu Tong (left) and Tushar Soni. Source: Y Combinator
Glide eventually shifted its focus from wallet infrastructure to building a unified deposit flow that allows users to fund wallets from different chains, tokens, wallets, exchanges or cards without manually completing bridges and swaps.
Following the acquisition, Glide’s technology will be integrated into MoonPay Deposits, a product already used by applications including Wallet in Telegram, Moonshot and Paysafe.
MoonPay CEO and co-founder Ivan Soto-Wright told Cointelegraph the acquisition fits into the company’s broader infrastructure strategy, following recent deals for security, trading and accounting capabilities.
Related: Robinhood Chain sees over $70M in ETH bridged during first week
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