MoonPay launches new Web3 tool platform for brands venturing into crypto

Blockchain payments infrastructure firm MoonPay today launched Web3 Tools, a platform designed to aid brands in providing a less complex Web3 experience for consumers. 

“MoonPay's Web3 Tools now offers a comprehensive suite of features, including authentication, identity verification, token-gating, ticketing and insights — empowering brands to build communities, foster loyalty, and unlock new revenue streams,” the company said in a statement. 

The new platform has already assisted global brands such as Adidas, Gucci, Puma and Mastercard in their Web3 initiatives, according to the statement. Puma, for instance, used Web3 Tools to develop digital twins of its latest collections that allowed customers to purchase digital sneakers redeemable for physical pairs.

MoonPay said that it developed Web3 Tools with technologies acquired through its acquisition of NFT solution ethpass, and previously undisclosed acquisition of Plex Labs and Nifty’s.

“The full potential of digital ownership can't be realized in today's fragmented Web3 landscape,” said MoonPay CEO Ivan Soto-Wright. “Brands need safety and simplicity to confidently bring new commerce opportunities to market.”

To serve as a bridge between Web2 and Web3, MoonPay offers companies assistance in navigating the Web3 space, including compliance, know-your-customer and anti-money laundering practices, and fraud prevention.