BitGo Secures Moon Partnership to Expand Bitcoin Card Products in Asia
BitGo has formed a partnership with Moon Inc. to facilitate Bitcoin-based card products throughout Asia.
Summary
- Moon has chosen BitGo Singapore to back Bitcoin-linked prepaid card products in Asia’s consumer markets.
- This month, prepaid Bitcoin gift cards will be available in retail stores across Hong Kong and Moon’s online platform.
- This collaboration follows BitGo’s revenue increase in Q1 and the growing demand for regulated cryptocurrency infrastructure.
The partnership utilizes BitGo Singapore, an entity regulated by the Monetary Authority of Singapore, as the foundational infrastructure for Moon’s Bitcoin-linked consumer card offerings.
Starting with prepaid Bitcoin gift cards, Moon aims to launch these products in retail locations in Hong Kong and on its online site this month. BusinessWire indicated that the initiative has already successfully completed several wholesale transactions since its inception.
Moon’s Focus on Hong Kong and Asia
Moon Inc., based in Hong Kong, has nearly three decades of experience in prepaid distribution, previously dealing with products such as SIM cards and stored-value payment cards across Asia.
Additionally, the company has developed a Bitcoin reserve and is now looking to broaden its card distribution range, targeting markets such as Japan, Thailand, South Korea, Taiwan, and other areas in Asia.
Moon conducted a review of custody providers based on their security frameworks, API capabilities, and scalability. Moon COO Russ Jacobsen remarked, “BitGo’s biometric multi-signature setup, batch transaction features, and their security measures for billions in digital assets made them the optimal choice.”
Abel Seow, BitGo’s APAC head, noted that Moon is actively integrating digital assets into consumer finance in Asia, highlighting that BitGo’s infrastructure is crafted to assist institutions in their next growth phase.
BitGo’s Growth Following Q1 Revenue Increase
BitGo’s partnership with Moon follows a reported first-quarter revenue of $3.77 billion, marking a 112.6% increase from the previous year. The company, however, faced a widening net loss of $60.7 million, impacted by Bitcoin treasury values and post-IPO compensation expenses.
Recent market updates have also indicated BitGo’s development of new revenue channels. According to Crypto.news, its Stablecoin-as-a-Service revenue climbed 43.6% from the previous quarter to reach $38.2 million, alongside the launch of derivatives services in Q1.
Growth in Hong Kong Payment Activity
This agreement aligns with broader efforts to enhance crypto payment infrastructure in Asia. Additional reports highlighted that Kraken’s parent company, Payward, has agreed to acquire Reap Technologies in Hong Kong for up to $600 million, thereby expanding its offerings with card issuance and stablecoin payment solutions.
BitGo has also been active in the institutional custody sector. In April, Crypto.news reported that OKX has integrated BitGo’s Off-Exchange Settlement platform for U.S. institutional clients, allowing businesses to trade while keeping their assets secured in BitGo’s cold custody.