MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a prominent Israeli crypto security firm, in a $100 million all-stock deal. 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 enter the cryptocurrency market.
The new unit will provide a comprehensive suite of tools, including trading, tokenized securities, payments, wallet management, and stablecoin issuance. Sodot's cutting-edge technology will serve as the foundation for the key management layer of this business. Under the leadership of 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, MoonPay Institutional aims to provide institutions with a secure and reliable platform to navigate the cryptocurrency landscape. Sodot's self-hosted multi-party computation infrastructure is specifically designed to meet the stringent security requirements of institutions, offering greater control over asset movement, transfer approvals, and automated transaction processing.
With this acquisition, MoonPay strengthens its position in the market, building on its existing customer base of nearly 30 million users worldwide and its infrastructure support for over 500 firms in the decentralized economy.