MoonPay, a prominent cryptocurrency payment platform, has announced the acquisition of Sodot, a renowned Israeli cryptocurrency security firm, in a stock deal valued at approximately $100 million. This strategic move is part of MoonPay's plan to introduce MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. The new division will provide an array 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 MoonPay Institutional. Sodot's innovative self-hosted multi-party computation infrastructure is tailored to meet the stringent requirements of institutions, offering enhanced control over asset movement, transfer approvals, and automated transaction handling.
This acquisition marks a significant expansion of MoonPay's capabilities, building upon its existing user base of nearly 30 million customers worldwide and its infrastructure support for 500 firms within the decentralized economy.