MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, as a key component of its strategy to introduce MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is structured as an all-stock deal.
The MoonPay Institutional unit will provide a comprehensive suite of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management 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 innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed to meet the stringent requirements of institutional clients, offering enhanced control over asset movement, transfer approvals, and automated transaction handling.
This move marks a significant expansion of MoonPay's capabilities, building on its core business of facilitating crypto purchases and sales through various payment methods. Over the past year, MoonPay has made strategic acquisitions, including the purchase of stablecoin platform Iron and crypto checkout firm Helio, underscoring its commitment to developing enterprise infrastructure. With nearly 30 million customers worldwide and infrastructure supporting 500 firms across the decentralized economy, MoonPay continues to solidify its position in the cryptocurrency market.