In a move to strengthen its presence in the institutional crypto market, MoonPay has acquired Sodot, a cutting-edge Israeli security firm specializing in cryptocurrency protection. This all-stock deal, valued at approximately $100 million, marks a significant step in MoonPay's plan to introduce MoonPay Institutional, a dedicated platform designed for large financial institutions seeking to engage with cryptocurrency. The new division will provide an array of services including trading tools, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's innovative technology serving as the foundational security layer. Caroline D.
Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as Acting Chair of the Commodity Futures Trading Commission, will lead this new initiative. Sodot's proprietary self-hosted multi-party computation (MPC) infrastructure is particularly suited for institutions requiring stringent control over asset movement, transfer approvals, and automated transaction handling.
This acquisition is part of MoonPay's broader strategy to expand its enterprise infrastructure, building on its core service of facilitating crypto purchases and sales through various payment methods. With nearly 30 million customers globally and infrastructure support for 500 firms in the decentralized economy, MoonPay continues to solidify its position in the crypto payments landscape.