MoonPay, a leading cryptocurrency payment company, has acquired Sodot, an Israeli-based crypto security firm, as part of its strategic plan to introduce MoonPay Institutional, a dedicated unit catering to the needs of large financial institutions seeking to engage with cryptocurrencies. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million in an all-stock deal. This new 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 foundational key management layer.
Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after her tenure as Acting Chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional. Sodot's self-hosted multi-party computation (MPC) infrastructure is designed to offer institutions a higher degree of control over asset movements, transfer approvals, and automated transaction handling.
Known for facilitating crypto purchases and sales through various payment methods, MoonPay has been expanding its enterprise infrastructure over the past year, with notable acquisitions including stablecoin platform Iron and crypto checkout firm Helio. With a global customer base of nearly 30 million and infrastructure support for 500 firms within the decentralized economy, MoonPay's acquisition of Sodot marks a significant step into the institutional crypto space.