MoonPay, a leading cryptocurrency payment firm, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security company, as a key component of its strategy to introduce MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is structured as an all-stock deal. 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 key management layer.
Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as the Acting Chair of the Commodity Futures Trading Commission, will lead this new initiative. Sodot's innovative self-hosted multi-party computation infrastructure is specifically designed to meet the stringent security and control requirements of institutional clients, offering enhanced oversight of asset movement, transfer approvals, and automated transaction handling.
With this expansion, MoonPay, which has traditionally focused on facilitating crypto transactions through various payment methods for its nearly 30 million global customers and supporting the infrastructure of over 500 firms in the decentralized economy, is poised to deepen its presence in the enterprise infrastructure sector, building on its recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.