MoonPay, a leading cryptocurrency payment company, has taken a significant step into the institutional market with the acquisition of Sodot, an Israeli startup specializing in crypto security, in a stock deal valued at approximately $100 million, according to sources cited by Bloomberg. This move is part of MoonPay's strategy to introduce MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrencies. The new unit will provide a comprehensive suite of tools, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer.
Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as Acting Chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed for institutions requiring enhanced control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing strengths in facilitating crypto purchases and sales through various payment methods. Over the past year, MoonPay has made notable strides in enhancing its enterprise infrastructure, including the acquisition of stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers worldwide and infrastructure support for 500 firms across the decentralized economy, MoonPay's acquisition of Sodot underscores its commitment to delivering secure and robust solutions for the institutional crypto market.