MoonPay, a prominent cryptocurrency payment firm, has acquired Sodot, a leading Israeli crypto security startup, to support the launch of its new institutional business unit. According to sources cited by Bloomberg, the all-stock deal is valued at approximately $100 million.
The new division, MoonPay Institutional, is designed to cater to large financial institutions seeking to access cryptocurrency markets. It will offer a range of tools, including trading, tokenized securities, payment processing, wallet management, and stablecoin issuance, with Sodot's technology serving as the core management layer.
Caroline D. Pham, who joined MoonPay as chief legal officer and chief administrative officer after serving as acting chair of the Commodity Futures Trading Commission, will lead the new unit.
Sodot's innovative multi-party computation infrastructure provides institutions with greater control over asset movement, transfer approvals, and automated transaction handling. With nearly 30 million customers worldwide and infrastructure support for 500 firms in the decentralized economy, MoonPay's acquisition of Sodot marks a significant expansion into enterprise infrastructure, following its recent purchases of stablecoin platform Iron and crypto checkout firm Helio.