On July 16, the Bitkey team announced a new partnership with MoonPay, expanding the options for users to purchase Bitcoin.
Bitkey is a self-custody Bitcoin wallet developed by Block, Inc. (formerly Square, Inc.), launched globally in December 2023. This wallet integrates a mobile app, a hardware device, and a set of recovery tools, providing users with a secure and user-friendly way to manage their Bitcoin. Bitkey employs a 2-of-3 multi-signature system, ensuring that two of three keys (held on the mobile app, hardware device, and server) are required to authorize transactions, enhancing security and control. The wallet’s recovery tools include cloud backup, trusted contacts, and an emergency access kit, which help users regain access to their funds if they lose their devices.
According to the blog post by the Bitkey team, this collaboration aims to simplify the process of acquiring Bitcoin by incorporating MoonPay’s extensive payment capabilities, including debit and credit cards, Apple Pay, Google Pay, and bank transfers. Additionally, MoonPay offers the unique ability to buy Bitcoin using PayPal, now available in the UK and the EU (excluding Croatia, Hungary, and Iceland).
The integration of MoonPay into the Bitkey ecosystem allows users to see it alongside existing partners such as Cash App and Coinbase within the Bitkey app. This move is designed to enhance the user experience by providing a more seamless and transparent process for buying Bitcoin. Users can initiate Bitcoin purchases directly from the Bitkey app, which redirects them to the partner’s platform to complete the transaction, ensuring ease of use and maintaining control over their assets.
Bitkey emphasizes transparency in its operations by collaborating with partners to clearly display the full cost of transactions. This includes the exchange rates and payment processing fees, allowing users to have a comprehensive understanding of the costs involved.
In addition to the new partnership with MoonPay, Bitkey has introduced several updates aimed at improving user experience. Recent enhancements include the ability to enroll multiple fingerprints for added security, an expected transactions feature to monitor incoming transfers, and options for biometric sign-in.
