MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, in a stock deal valued at approximately $100 million. This move is part of MoonPay's broader strategy to introduce MoonPay Institutional, a specialized unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrencies. The new division will provide an array of tools and services, including trading solutions, tokenized securities, payment processing, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer.
Under the leadership of 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, MoonPay Institutional is poised to leverage Sodot's innovative self-hosted multi-party computation (MPC) infrastructure. This technology is specifically designed to meet the stringent requirements of institutional clients, offering enhanced control over asset movement, transfer approvals, and automated transaction handling.
With this acquisition, MoonPay further solidifies its position in the enterprise infrastructure space, building on its previous acquisitions of stablecoin platform Iron and crypto checkout firm Helio. Today, MoonPay boasts a global customer base of nearly 30 million and powers the infrastructure for over 500 firms operating within the decentralized economy.