MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, in a stock deal valued at approximately $100 million. This move is part of MoonPay's broader strategy to introduce MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. 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 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 approval, and automated transaction processing. With this acquisition, MoonPay, which has nearly 30 million customers globally and supports the infrastructure of 500 firms across the decentralized economy, further solidifies its position in the enterprise infrastructure space, building on recent acquisitions such as stablecoin platform Iron and crypto checkout firm Helio.