MoonPay, a leading cryptocurrency payment platform, has acquired Sodot, a cutting-edge Israeli crypto security firm, as it prepares to launch MoonPay Institutional, a dedicated unit catering 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. This new division will provide institutions with 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 infrastructure is designed to meet the stringent security requirements of institutions, offering precise control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay further solidifies its push into enterprise infrastructure, having previously acquired stablecoin platform Iron and crypto checkout firm Helio.
Today, MoonPay boasts nearly 30 million customers worldwide and powers the infrastructure for over 500 firms within the decentralized economy.