Trezor is moving to enable direct purchases of cryptocurrency through a new partnership with fintech startup MoonPay.
Czech Republic-based hardware wallet provider Trezor has partnered with MoonPay to allow its customers to purchase cryptocurrencies directly in their hardware wallet, according to an announcement Wednesday.
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 non-perishable tokens (NFTs) using debit cards, credit cards and other payment methods. In April 2022, the company raised $87 million from investors like Justin Bieber and Snoop Dogg to focus on NFTs and Web3.
The collaboration with MoonPay builds on Trezor’s previous partnership with Invity, a crypto exchange comparison tool built directly into the wallet.
Like Trezor, Invity is a startup that operates under parent company SatoshiLabs. The platform connects clients with trusted partner exchanges to provide direct-to-custodian deals with different payment methods. The three platforms combined provide buying, selling and exchanging features directly in the Trezor wallet.
The new integration allows customers to buy and sell a large number of cryptocurrencies through a non-custodial crypto wallet, helping users to better protect their funds. At the time of writing, Trezor supports over 1,000 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tether (USDT), BNB, Cardano (ADA), and others.
“For users who have used MoonPay through their partner network, their accounts will already be created and payment methods saved, so they will be able to transact in a matter of seconds,” Invity CEO Stepan Uherik told Cointelegraph. He added that for first-time MoonPay users, they require basic KYC checks based on the transaction amount to comply with regulations before first transactions are executed.
Uherik also noted that the buy feature is available immediately on Trezor via MoonPay, while the option to sell is coming at a later time.
Related: MoonPay to Make Web3 Payments Through Unstoppable Domains Partnership
The latest news is another milestone for cryptocurrency purchases on Trezor, as the hardware wallet previously supported cryptocurrency purchases on its native Trezor Suite app via in-app commerce feature. Trezor said in a blog post that the option has been available through a crypto exchange comparison tool that Invity has built since at least late 2020.
“By allowing Trezor owners to purchase cryptocurrency directly from their wallet, we benefit from a committed group of crypto users who take security seriously,” said Antonio Talido, Senior Director of Business Development at MoonPay. “Through this partnership with MoonPay, we are taking the lead in achieving secure, borderless and easy financial freedom for billions,” noted O’Harek.