BitGo Forms Partnership with Moon to Enhance Bitcoin Card Offerings in Asia

BitGo has entered into a partnership with Moon Inc. to provide Bitcoin-based card products across Asia.

The collaboration employs BitGo Singapore, an entity regulated by the Monetary Authority of Singapore, as the foundational framework for Moon’s Bitcoin-linked consumer card offerings.

Launching with prepaid Bitcoin gift cards, Moon plans to roll out these products in retail outlets across Hong Kong and its online site this month. BusinessWire reported that the initiative has already successfully completed several wholesale transactions since its launch.

Moon’s Focus on Hong Kong and Asia

Moon Inc., headquartered in Hong Kong, brings nearly 30 years of experience in prepaid distribution, previously involved with products such as SIM cards and stored-value payment cards throughout Asia.

Moreover, the company has established a Bitcoin reserve and is now aiming to expand its card distribution, targeting regions including Japan, Thailand, South Korea, Taiwan, and beyond in Asia.

Moon evaluated custody providers based on their security frameworks, API capabilities, and scalability options. COO Russ Jacobsen stated, “BitGo’s biometric multi-signature setup, batch transaction functionalities, and their security measures for managing billions in digital assets positioned them as the best choice.”

Abel Seow, BitGo’s head of APAC, highlighted that Moon is proactively integrating digital assets into consumer finance in Asia, adding that BitGo’s infrastructure is designed to support institutions as they enter their next phase of growth.

BitGo’s Growth Following Q1 Revenue Increase

BitGo’s collaboration with Moon comes after a reported first-quarter revenue of $3.77 billion, reflecting a 112.6% rise from the prior year. Nevertheless, the company experienced a widening net loss of $60.7 million, influenced by Bitcoin treasury valuations and post-IPO compensation costs.

Recent market updates also point to BitGo developing new revenue streams. According to Crypto.news, its Stablecoin-as-a-Service revenue saw a 43.6% increase from the previous quarter, reaching $38.2 million, alongside the introduction of derivatives services in Q1.

Growth in Hong Kong Payment Activity

This partnership aligns with broader initiatives aimed at enhancing 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 to include card issuance and stablecoin payment solutions.

BitGo has also been active within the institutional custody space. In April, Crypto.news reported that OKX has integrated BitGo’s Off-Exchange Settlement platform for U.S. institutional clients, enabling businesses to trade while securely storing their assets in BitGo’s cold custody.