MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent Israeli cryptocurrency security firm, as part of its strategic plan to introduce MoonPay Institutional. This new unit is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is structured as an all-stock deal.
MoonPay Institutional will provide an array of services, including trading tools, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer. The new unit will be led by Caroline D. Pham, who joined MoonPay as Chief Legal Officer and Chief Administrative Officer after previously serving as the Acting Chair of the Commodity Futures Trading Commission.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed for institutional clients, offering enhanced control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's enterprise infrastructure capabilities, building on its existing user base of nearly 30 million worldwide and its role in powering the infrastructure for over 500 firms within the decentralized economy.