MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, in a stock deal valued at approximately $100 million. This strategic move is part of MoonPay's plan to introduce MoonPay Institutional, a dedicated unit catering to the needs of large financial institutions seeking to enter the cryptocurrency market.
The new unit, headed by Caroline D. Pham, will offer a suite of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundation for key management. Sodot's innovative self-hosted multi-party computation infrastructure is designed to provide institutions with 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 recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio. Today, MoonPay boasts nearly 30 million customers worldwide and powers the infrastructure of over 500 firms across the decentralized economy.