Trezor, the Czech Republic-based hardware wallet provider, is moving to enable direct crypto purchases with a new partnership with the crypto fintech startup MoonPay. It has partnered with MoonPay to allow its customers to buy crypto directly in their hardware wallet.
It has been reported that backed by major industry investors including Tiger Global and Coatue, MoonPay is a crypto payment service that allows users to buy and sell cryptocurrencies and nonfungible tokens (NFTs) using debit cards, credit cards, and other payment methods. In April 2022, the firm raised $87 million from investors like Justin Bieber and Snoop Dogg to focus on NFTs and Web3.
However, the collaboration with MoonPay builds on Trezor’s previous partnership with Invity, a crypto exchange comparison tool integrated directly into the wallet. Like Trezor, Invity is a startup operating under the parent firm, SatoshiLabs. The platform connects clients with trusted partner exchanges to provide direct-to-custody trades with various payment methods.
The report said that combined, the three platforms provide buy, sell and exchange features directly in the Trezor wallet. The new integration allows customers to buy and sell a wide number of cryptocurrencies through a noncustodial crypto wallet, helping users to better protect their funds. At the time of writing, Trezor supports more than 1,000 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tether (USDT), BNB, Cardano (ADA), and others.
Stepan Uherik, the CEO of Invity, said:
"For users that have used MoonPay through their network of partners, they will have their account already created and payment methods saved, so will be able to transact in a few seconds."
Likewise, for first-time users of MoonPay, they require essential Know Your Customer (KYC) checks based on transaction amount to comply with regulations prior to executing the first transactions, he added. Uherik also noted that the buy feature is immediately available on Trezor via MoonPay, while the sell option is coming at a later date.
The latest news is yet another milestone for crypto purchases on Trezor, as the hardware wallet has been previously supporting crypto buys on its native app Trezor Suite via an in-app Trade feature.
Trezor said in one of its blog posts that the option has been available through the crypto exchange comparison tool created by Invity since at least late 2020.
Antonio Talledo, the Senior Business Development Manager of MoonPay, said:
"By allowing Trezor owners to buy crypto directly from their wallet, we’re tapping into a committed cohort of cryptocurrency users who take security very seriously."
Thus, Uherik added:
"Through this partnership with MoonPay, we’re taking the lead to bring secure, borderless and easy financial freedom to billions."