In a significant move to bolster its presence in the institutional crypto space, MoonPay has acquired Sodot, a leading Israeli crypto security firm, in an all-stock deal valued at approximately $100 million, as reported by Bloomberg. This strategic acquisition marks the launch of MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to navigate the crypto landscape. The new division will provide a comprehensive suite of tools, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundation for key management. Caroline D.
Pham, who joined MoonPay as Chief Legal Officer and Chief Administrative Officer after her tenure as Acting Chair of the Commodity Futures Trading Commission, will helm MoonPay Institutional. Sodot's self-hosted multi-party computation (MPC) infrastructure is particularly suited for institutions requiring stringent control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay, known for facilitating crypto purchases and sales through various payment methods, further expands its enterprise infrastructure offerings, building on its recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.
The company boasts a global customer base of nearly 30 million and powers the infrastructure for over 500 firms within the decentralized economy.