Jack Dorsey’s Bitcoin wallet Bitkey partners with MoonPay

Bitkey and MoonPay are teaming up to simplify Bitcoin purchases using traditional web2 channels. 

Block, Jack Dorsey’s fintech startup, and payment provider MoonPay have teamed up to enable easier Bitcoin (BTC) purchases via traditional methods such as bank cards, Google Pay, PayPal, and more.

On Tuesday, both entities announced that Block’s BTC hardware wallet Bitkey will onboard MoonPay infrastructure to unlock this feature for financial participants. MoonPay’s existing KYC-registered user base with stored payment methods will facilitate smoother fiat-to-crypto onramps. Later this year, Bitkey plans to launch “MoonPay sell,” enabling crypto-to-fiat conversions.

“These partnerships are not just about expanding Bitkey’s capabilities; they represent a commitment to growing the self-custody and broader Bitcoin ecosystem,” the companies said in the press release.

The digital asset industry boasts a $2.4 trillion market built on blockchain cryptography and virtual assets. As adoption grows and has not fully proliferated global economies, corridors supporting value exchange between cryptocurrencies and fiat vehicles remain crucial for the nascent market. 

Bitcoin storage ecosystem expands

Bitkey, released in March, serves as a storage option for BTC holders and competes with other market players like Ledger and Trezor. Bitkey’s parent company, Block, also owns the point-of-sale platform Square and P2P provider CashApp.

The partnership between Bitkey and MoonPay comes when BTC increasingly captures attention in the U.S. and on the global financial stage. 

U.S. spot Bitcoin ETFs alone boast almost $60 billion in assets under management despite launching in January. BTC itself also peaked this year at over $73,000, and experts believe the token has much room to grow before the next bear cycle.