MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent Israeli crypto security startup, as a key component of its strategy to introduce MoonPay Institutional. This new business unit is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to reports from Bloomberg, citing sources with knowledge of the deal, the acquisition is valued at approximately $100 million and is structured as an all-stock transaction.
The MoonPay Institutional unit will provide a comprehensive suite of tools and services, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational layer for key management. 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 this new initiative.
Sodot's self-hosted multi-party computation infrastructure is specifically designed to meet the stringent requirements of institutions, offering enhanced control over asset movement, transfer approvals, and automated transaction processing. This move marks a significant expansion of MoonPay's capabilities, building on its core business of facilitating cryptocurrency transactions through various payment methods. Over the past year, MoonPay has made strategic acquisitions, including the purchase of stablecoin platform Iron and crypto checkout firm Helio, underscoring its commitment to developing enterprise infrastructure.
With a global customer base of nearly 30 million and infrastructure partnerships with over 500 firms across the decentralized economy, MoonPay is poised to further solidify its position in the market.