In a move to bolster its presence in the institutional crypto space, MoonPay has acquired Sodot, a cutting-edge Israeli crypto security startup, as the foundation for its newly launched MoonPay Institutional division. This strategic acquisition, reportedly valued at $100 million in an all-stock deal, according to sources cited by Bloomberg, signifies a pivotal step in MoonPay's expansion into serving large financial institutions seeking to engage with cryptocurrency.
The MoonPay Institutional unit will provide a comprehensive suite of services including trading tools, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the backbone for key management. Caroline D. Pham, who recently joined MoonPay as chief legal officer and chief administrative officer after her tenure as acting chair of the Commodity Futures Trading Commission, will lead this new initiative.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed to cater to the stringent control requirements of institutional clients, enabling them to dictate asset movement, transfer approvals, and automated transaction handling with precision. Known for facilitating crypto purchases and sales via various payment methods, MoonPay has been augmenting its enterprise infrastructure through strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio. With a global customer base of nearly 30 million and infrastructure support for 500 firms within the decentralized economy, MoonPay's acquisition of Sodot underscores its commitment to bolstering its institutional offerings.