In a significant move to strengthen its presence in the institutional crypto landscape, MoonPay has acquired Sodot, a cutting-edge Israeli crypto security firm. This acquisition is a crucial step in the launch of MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the deal is valued at approximately $100 million and is structured as an all-stock transaction.
The new institutional unit will provide a comprehensive suite 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. 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 provide tailored solutions for institutional clients. Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed for institutions requiring enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay, known for facilitating crypto transactions through various payment methods, further solidifies its push into enterprise infrastructure, following recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio. As a global leader with nearly 30 million customers and infrastructure support for 500 firms across the decentralized economy, MoonPay is poised to make a significant impact in the institutional crypto space.