Key Points
- Block’s Bitkey and MoonPay are collaborating to ease Bitcoin purchases via conventional methods.
- Bitkey, a Bitcoin hardware wallet, will incorporate MoonPay infrastructure to facilitate smoother fiat-to-crypto transactions.
Block’s fintech startup, Bitkey, and payment provider MoonPay are forging a partnership to streamline purchases of Bitcoin (BTC) through traditional payment avenues such as bank cards, Google Pay, and PayPal.
On Tuesday, the two companies announced that Bitkey, a BTC hardware wallet operated by Block, will integrate MoonPay’s infrastructure. This will open up new financial opportunities for users. MoonPay’s existing user base, registered under KYC and with stored payment methods, will enable smoother transitions from fiat to crypto.
MoonPay Sell and Broader Bitcoin Ecosystem
Later this year, Bitkey plans to introduce “MoonPay sell,” a feature that will enable conversions from crypto to fiat. The companies expressed that these collaborations are more than just expanding Bitkey’s capabilities. They represent a dedication to growing the self-custody and wider Bitcoin ecosystem.
The digital asset industry, valued at $2.4 trillion, is built on blockchain cryptography and virtual assets. As adoption increases and has not yet fully permeated global economies, corridors that facilitate value exchange between cryptocurrencies and fiat vehicles remain vital for the emerging market.
Bitkey and the Bitcoin Storage Ecosystem
Bitkey, launched in March, serves as a storage solution for BTC holders and competes with other market players like Ledger and Trezor. Block, the parent company of Bitkey, also owns the point-of-sale platform Square and P2P provider CashApp.
The alliance between Bitkey and MoonPay comes at a time when BTC is gaining increasing attention in the U.S. and on the global financial stage. U.S. spot Bitcoin ETFs alone have almost $60 billion in assets under management despite only launching in January. BTC itself also reached a peak this year at over $73,000, and experts believe the token has significant room to grow before the next bear cycle.
