ICE Weighs Crypto Push, Reportedly in Talks to Back MoonPay in $5B Valuation Round

Intercontinental Exchange Said in Talks to Invest in MoonPay as Crypto Funding Rises
Intercontinental Exchange Inc. (ICE), parent company of the New York Stock Exchange, is reportedly in talks to invest in crypto payments firm MoonPay Inc. as part of a funding round. MoonPay, based in New York, is nearing completion of the round and is aiming for a $5 billion valuation. The deal would mark another major Wall Street move into digital assets, following ICE's earlier agreement to invest up to $2 billion in prediction markets platform Polymarket.

MoonPay was founded in 2019 and provides software that enables users to convert fiat currencies into cryptocurrencies with ease according to reports. The company's most recent funding round in late 2021 valued it at $3.4 billion. It has since launched a stablecoin business and acquired at least four startups this year according to industry sources.

Congress passed significant stablecoin legislation in July, which has encouraged broader adoption of digital tokens tied to traditional currencies like the U.S. dollar. The timing of the funding round aligns with growing regulatory clarity in the space and increased interest from institutional investors.

A Regulatory Link Strengthens MoonPay's Profile

MoonPay recently announced that Caroline Pham, the acting chairman of the Commodity Futures Trading Commission (CFTC), will join the company as chief legal officer. Pham was appointed by President Donald Trump to temporarily lead the CFTC in January according to official records. Her background includes regulatory experience from both the government and the private sector, including a stint at Citigroup.

Pham's transition to MoonPay follows similar moves by former regulators into the crypto industry. Earlier this year, fellow CFTC commissioner Summer Mersinger left the agency to become CEO of the Blockchain Association, a crypto advocacy group according to industry reports. Such movements have raised concerns among lawmakers about potential conflicts of interest, with Massachusetts Senator Elizabeth Warren warning of a "revolving door" between government and the crypto sector.

MoonPay's president, Keith Grossman, said Pham's regulatory and compliance expertise will be crucial in guiding the company's next phase of growth according to company statements. Pham's tenure at the CFTC saw the regulator take a more crypto-friendly stance, including welcoming offshore firms back into the U.S. market and launching a "Crypto CEO Forum" according to industry analysis.

Broader Trends in Crypto Investment

The potential ICE investment in MoonPay is part of a larger trend of rising interest in digital assets. So far in 2025, crypto and blockchain firms have raised nearly $19 billion in venture capital funding, the highest since 2022. This surge in capital has been fueled by a more supportive political environment in the U.S. and increased institutional participation.

Ripple, one of the largest names in the crypto space, raised $500 million in early November from investors including Fortress Investment Group and Citadel Securities. The company's valuation at the time was $40 billion, highlighting the growing appetite for high-profile crypto assets.

As regulatory frameworks continue to take shape, the U.S. is not the only country moving toward clearer crypto rules. In the UK, the government announced plans to extend existing financial laws to cover crypto assets starting in October 2027. The Financial Conduct Authority and the Bank of England are expected to finalize their respective regulations by the end of 2026 according to industry forecasts.

What This Means for Investors

For investors, the ICE-MoonPay talks signal a shift in the perception of digital assets from speculative to strategic. ICE's involvement in both Polymarket and now MoonPay reflects a broader institutionalization of crypto-related businesses. MoonPay's growing suite of services-including payments, stablecoins, and enterprise solutions-positions it as a key player in the digital finance ecosystem according to industry analysis.

The company has processed over $8 billion in transactions since its launch and serves more than 30 million users across 180 countries. With Pham's regulatory insights and ICE's potential financial backing, MoonPay appears well-positioned to scale further amid a period of regulatory evolution and investor optimism.

However, the regulatory landscape remains complex. While the U.S. and UK are moving toward clearer oversight, the long-term implications of those rules remain uncertain. Investors will be watching for how regulators and major firms like MoonPay navigate these changes, particularly as enforcement priorities shift.

Risks to the Outlook

Despite the momentum, risks remain. The U.S. Senate has yet to confirm Michael Selig as the permanent CFTC chairman, and enforcement actions under Pham's tenure were limited. This lack of regulatory clarity could lead to unexpected policy shifts in the future. Additionally, while MoonPay is expanding rapidly, the crypto market is still volatile and subject to macroeconomic and geopolitical factors.

As the crypto sector continues to attract high-profile investments and regulatory attention, the path forward will depend on balancing innovation with compliance. For now, the ICE-MoonPay deal is a sign that Wall Street's commitment to digital assets is deepening.