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Moon Inc. (HKEX: 1723) has secured approximately US$8.8 million to introduce a Bitcoin prepaid card in Thailand and South Korea, with ambitions to expand throughout Asia. The enterprise, a frontrunner in prepaid connectivity and digital asset solutions, announced the successful HK$65.5 million fundraising earlier today.
The funding round was backed by a coalition of Bitcoin miners and investors via the issuance of new shares and convertible notes, as per a memorandum shared with Bitcoin Magazine.
“The successful conclusion of this private placement signifies another pivotal milestone in Moon Inc.’s progress, and we appreciate the trust our new and existing investors have demonstrated in our long-term vision,” stated John Riggins, CEO of Moon Inc.
As per a submission to the Hong Kong Stock Exchange, the funds will aid Moon Inc.’s Pan-Asian growth, commencing with Thailand and South Korea, alongside the debut of its Bitcoin-enabled prepaid card.
The cards allow users to acquire, store, and transfer Bitcoin without the intricacies of conventional wallets, fusing Moon Inc.’s prepaid telecom proficiency with cutting-edge digital asset capabilities.
In simpler terms, the cards will enable individuals to purchase and send Bitcoin effortlessly, without the necessity of a distinct crypto wallet — essentially akin to a prepaid phone card.
Looking forward, Moon Inc. is assessing Taiwan, Japan, and Vietnam for potential growth prospects.
Traditional markets are converging with the Bitcoin economy
Riggins portrayed the fundraising and the new prepaid card as a progression toward linking traditional capital markets with the Bitcoin economy, utilizing Moon Inc.’s established wholesale telecom distribution networks.
“We consider this as more than just a fundraising effort — it’s a show of confidence in Hong Kong’s position as a portal for regulated digital-asset innovation and in Moon Inc.’s capacity to connect traditional capital markets with the Bitcoin economy,” Riggins remarked.
Back in March, the enterprise became the first publicly listed company in Greater China to adopt a Bitcoin treasury approach, integrating Bitcoin into both its balance sheet and retail business strategy.
The fundraising follows Moon Inc.’s majority acquisition by Sora Ventures and UTXO Management earlier this year, an action that has expedited the company’s strategic plans and diversified its digital asset services.
Besides the prepaid card, Moon Inc. also reported being recognized as one of Hong Kong’s 10 most innovative firms by Capital Magazine.
“We’re privileged to be acknowledged for promoting Bitcoin adoption in Asia, particularly through our prepaid Bitcoin card,” Riggins expressed.
Disclaimer: Moon Inc is a portfolio company of UTXO Management, a regulated capital allocator dedicated to the digital assets sector. Bitcoin Magazine is owned by BTC Inc., which manages UTXO Management. UTXO invests in a range of Bitcoin enterprises and holds substantial positions in digital assets.
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