In a significant move to bolster its presence in the institutional crypto space, MoonPay has acquired Sodot, a prominent Israeli crypto security firm, as part of its plans to introduce MoonPay Institutional. This new unit is designed to cater to the needs of large financial institutions seeking to enter the crypto market. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million in an all-stock deal. The MoonPay Institutional platform will offer a comprehensive suite of tools, including trading, tokenized securities, payments, 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 this new initiative. Sodot's advanced self-hosted multi-party computation (MPC) infrastructure is tailored to meet the stringent security requirements of institutions, providing them with greater control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing strengths in facilitating crypto transactions through various payment methods.
Over the past year, MoonPay has made strategic acquisitions, including the stablecoin platform Iron and the crypto checkout firm Helio, to deepen its footprint in enterprise infrastructure. With nearly 30 million customers worldwide and powering the infrastructure for 500 firms across the decentralized economy, MoonPay is poised to make a substantial impact in the institutional crypto sector.