Jack Dorsey’s Bitcoin wallet Bitkey partners MoonPay

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

Jack Dorsey’s fintech startup Block and payments provider MoonPay have partnered to make it easier to buy Bitcoin (BTC) using traditional methods like debit cards, Google Pay, PayPal, and more.

On Tuesday, both organizations announced that Block’s BTC hardware wallet Bitkey will integrate MoonPay’s infrastructure to unlock this feature for financial participants. MoonPay’s existing KYC-registered user base with registered payment methods will facilitate smoother fiat-to-crypto onboarding. Later this year, Bitkey plans to launch a “MoonPay sale” that will enable crypto-to-fiat conversions.

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

The digital asset industry is a $2.4 trillion market built on blockchain cryptography and virtual assets. As adoption grows and does not fully expand into global economies, corridors that support the exchange of value between cryptocurrencies and fiat instruments remain vital to the new market.

Bitcoin storage ecosystem expands

Launched in March, Bitkey 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 point-of-sale platform Square and P2P provider CashApp.

The partnership between Bitkey and MoonPay comes as BTC is gaining increasing traction in the US and global financial scene.

Despite launching in January, U.S. spot Bitcoin ETFs alone have around $60 billion in assets under management. BTC itself has peaked above $73,000 this year, and experts believe the token has plenty of room to grow before the next bear cycle.