MoonPay, a leading cryptocurrency payment firm, has acquired Sodot, a cutting-edge Israeli crypto security company, as a key component of its strategy to introduce MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrencies. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is structured as an all-stock deal. The MoonPay Institutional platform will provide a comprehensive suite of tools, including trading capabilities, tokenized securities, payment solutions, wallet management, and stablecoin issuance services.
Sodot's innovative technology will play a pivotal role as the key management layer for this new business. 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 aims to deliver tailored solutions for institutional clients. Sodot's self-hosted multi-party computation (MPC) infrastructure is specifically designed to meet the stringent requirements of institutions, offering enhanced control over asset movement, transfer approvals, and automated transaction processing.
With this acquisition, MoonPay further solidifies its position in the enterprise infrastructure space, building on its existing capabilities in facilitating crypto purchases and sales through various payment methods. The company boasts a global customer base of nearly 30 million and supports the infrastructure of over 500 firms within the decentralized economy.