MoonPay Ventures, the investment arm of crypto payments leader MoonPay, has announced a strategic investment in Zengo Wallet, a self-custody crypto wallet, which marks an expansion of their partnership. This collaboration positions MoonPay as the exclusive payment partner for Zengo’s Buy and Sell Crypto services, aiming to enhance accessibility to digital assets while ensuring user security and convenience.
With this partnership, Zengo users will have the ability to fund their wallets through various popular payment methods, including credit and debit cards, bank transfers, Apple Pay, Google Pay, PayPal, and Venmo. Subscribers to Zengo Pro will benefit from additional advantages such as lower fees, enhanced transaction tools, and greater visibility into transaction analytics, all designed to streamline crypto transactions further.
Ivan Soto Wright, co-founder and CEO of MoonPay, emphasized that this alliance merges Zengo’s focus on security with MoonPay’s extensive payment network, creating a pathway to “simplify, secure, and broaden access to digital assets.”
Zengo has gained recognition for its advanced security features, boasting over 2 million users across more than 180 countries. The wallet leverages multi-party computation (MPC) keyless recovery technology, eliminating the risks usually associated with traditional seed phrases. It also offers features like Bitcoin Vaults and inheritance options for its Pro users, enhancing its security offerings.
Ouriel Ohayon, Zengo’s co-founder and CEO, expressed that this partnership reflects a shared vision of making self-custody “secure and simple,” with MoonPay’s infrastructure facilitating quicker integration into the blockchain landscape.
The funding from MoonPay Ventures is intended to support Zengo’s global expansion and product innovation, including the introduction of new offerings like Virtual Accounts powered by Iron, a subsidiary of MoonPay. These accounts are expected to enhance the ability of businesses utilizing Zengo’s institutional treasury platform to manage funds more effectively.
This investment aligns with MoonPay’s broader goal of promoting widespread cryptocurrency adoption. The company currently provides services to nearly 500 decentralized economy organizations and caters to approximately 30 million users globally, according to industry reports.
The collaboration underscores a growing trend in the cryptocurrency sector: the integration of robust security measures with user-friendly experiences to lower entry barriers for new users. Zengo’s commitment to MPC cryptography, coupled with MoonPay’s regulatory compliance in several regions including the U.S., UK, EU, Canada, and Australia, positions this partnership as a significant milestone toward enhancing digital asset adoption.
