MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, an Israeli cybersecurity firm specializing in crypto security, as a strategic move to launch its new institutional business unit. According to sources cited by Bloomberg, the all-stock deal is valued at approximately $100 million. The new business unit, MoonPay Institutional, aims to cater to large financial institutions seeking to engage with cryptocurrency, offering a suite of tools including trading, tokenized securities, payments, wallet management, and stablecoin issuance.
Sodot's cutting-edge technology, featuring self-hosted multi-party computation infrastructure, will serve as the foundational security layer for this new venture. Caroline D. Pham, who previously served as the acting chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional.
This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing strengths in facilitating crypto transactions through various payment methods. With nearly 30 million customers globally and infrastructure support for over 500 firms in the decentralized economy, MoonPay's move into institutional services, bolstered by Sodot's expertise, positions the company for further growth in the enterprise sector.