MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent 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 designed to cater to the needs of large financial institutions seeking to enter the cryptocurrency market.
According to sources cited by Bloomberg, the all-stock transaction is worth around $100 million. The new institutional unit will provide a suite of tools and services, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the core management layer. 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 designed to provide institutions with enhanced control over asset movement, transfer approval, and automated transaction processing. With nearly 30 million customers worldwide and infrastructure support for over 500 firms in the decentralized economy, MoonPay's acquisition of Sodot marks a significant expansion into the institutional crypto space, building on its recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.