MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, as a strategic move to launch MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to enter the cryptocurrency market. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million in an all-stock deal. The MoonPay Institutional unit will provide a comprehensive suite of tools, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance.
Sodot's innovative technology will serve as the foundational key management layer for this new business. 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, will lead MoonPay Institutional. Sodot's self-hosted multi-party computation infrastructure is specifically designed to meet the stringent security requirements of institutions, providing them with enhanced control over asset movement, transfer approvals, and automated transaction processing. With this acquisition, MoonPay further solidifies its position in the enterprise infrastructure space, having previously acquired stablecoin platform Iron and crypto checkout firm Helio. Today, MoonPay boasts nearly 30 million customers worldwide and powers the infrastructure for over 500 firms within the decentralized economy.