In a significant move to bolster its institutional offerings, MoonPay, a leading crypto payments company, has acquired Sodot, a cutting-edge Israeli crypto security firm, for approximately $100 million in an all-stock deal. This acquisition is a crucial step in the launch of MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to tap into the crypto market. The new unit, to be headed by Caroline D.
Pham, who previously served as the Acting Chair of the Commodity Futures Trading Commission and recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer, will provide a comprehensive suite of tools including trading, tokenized securities, payments, wallet management, and stablecoin issuance. Sodot's innovative self-hosted multi-party computation (MPC) infrastructure will form the backbone of MoonPay Institutional's security framework, offering institutions greater control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay, which has nearly 30 million customers globally and supports the infrastructure of over 500 firms in the decentralized economy, further solidifies its position in the enterprise infrastructure space, following its recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.