MoonPay, a leading cryptocurrency payment platform, has acquired Sodot, a prominent Israeli crypto security firm, in a stock deal valued at approximately $100 million, as reported by Bloomberg sources. This move is part of MoonPay's broader strategy to introduce MoonPay Institutional, a dedicated unit catering to large financial institutions seeking to engage with cryptocurrencies.
The new division will provide an array of tools and services, including trading, tokenized securities, payments, 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 her tenure as Acting Chair of the Commodity Futures Trading Commission, MoonPay Institutional aims to leverage Sodot's self-hosted multi-party computation (MPC) infrastructure.
This infrastructure is designed to offer institutions greater control over asset movement, transfer approvals, and automated transaction handling. With nearly 30 million customers globally and infrastructure support for over 500 firms in the decentralized economy, MoonPay's expansion into the institutional market marks a significant step in its growth, following recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.