MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a renowned Israeli crypto security firm, in a significant $100 million all-stock deal. 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 acquisition is valued at approximately $100 million. The new institutional unit will provide an array of tools and services, including trading, tokenized securities, payments, 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 cutting-edge, self-hosted multi-party computation infrastructure is tailored to meet the stringent security requirements of institutions, offering enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay, which has nearly 30 million customers worldwide and powers the infrastructure of 500 firms across the decentralized economy, further solidifies its push into enterprise infrastructure, having previously acquired stablecoin platform Iron and crypto checkout firm Helio.