MoonPay, a leading cryptocurrency payment company, has acquired Sodot, a pioneering Israeli crypto security firm, to support the launch of its new institutional business, MoonPay Institutional. This move is part of the company's strategy to cater to large financial institutions seeking to enter the crypto space.
According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million in an all-stock deal. The new institutional 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 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 MoonPay Institutional.
Sodot's cutting-edge, self-hosted multi-party computation infrastructure is designed to provide institutions with enhanced control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's services, which have traditionally focused on enabling users to buy and sell crypto through various payment methods.
Over the past year, MoonPay has made strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio, to bolster its enterprise infrastructure. With nearly 30 million customers worldwide and a presence in 500 firms across the decentralized economy, MoonPay is poised to make a significant impact in the institutional crypto space.