BitGo wins Moon deal to scale Bitcoin card products in Asia

BitGo has partnered with Moon Inc. to support Bitcoin-powered card products across Asia. 

The deal uses BitGo Singapore, a Monetary Authority of Singapore-regulated entity, as the infrastructure layer for Moon’s bitcoin-linked consumer card products.

Moon will start with prepaid Bitcoin gift cards. The cards are set to reach Hong Kong retail stores and Moon’s online store this month. BusinessWire said the program has already processed multiple wholesale transactions since launch.

Moon targets Hong Kong and wider Asia

Moon Inc. is listed in Hong Kong and has nearly 30 years of experience in prepaid distribution. Its business has included SIM cards and stored-value payment cards across Asia.

The company has also built a Bitcoin reserve and now plans to expand its card distribution footprint. The stated target markets include Japan, Thailand, South Korea, Taiwan and other Asian regions.

Meanwhile, Moon said it reviewed custody providers based on security architecture, API depth and scale. Moon COO Russ Jacobsen said “BitGo’s biometric multi-signature infrastructure, batch transaction capabilities, and securing billions in digital assets made them the clear choice.”

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

BitGo expands after Q1 revenue growth

The Moon partnership comes after BitGo reported $3.77 billion in first-quarter revenue, up 112.6% from one year earlier. The company’s net loss widened to $60.7 million, with Bitcoin treasury marks and post-IPO compensation costs weighing on results.

Market updates also show BitGo building new revenue lines. Crypto.news reported that its Stablecoin-as-a-Service revenue rose 43.6% from the prior quarter to $38.2 million, while the company also launched derivatives services during Q1.

Hong Kong payment activity grows

The deal also fits a wider push into Asia-based crypto payment infrastructure. Separate coverage noted that Kraken parent Payward agreed to buy Hong Kong-based Reap Technologies for up to $600 million, adding card issuance and stablecoin payment tools to its business platform.

BitGo has also been active in institutional custody. Crypto.news reported in April that OKX added BitGo’s Off-Exchange Settlement platform for U.S. institutional clients, allowing firms to trade while keeping assets in BitGo cold custody.