In a strategic move to enhance its institutional offerings, MoonPay, a prominent crypto payments company, has acquired Sodot, a cutting-edge Israeli crypto security firm, as it prepares to launch MoonPay Institutional. This new unit is designed to cater to the needs of large financial institutions seeking to tap into the crypto market. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million in an all-stock deal.
The MoonPay Institutional platform will provide a comprehensive suite of tools, 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 joined MoonPay as chief legal officer and chief administrative officer after her tenure 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 tailored to meet the stringent security requirements of institutions, offering precise control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's enterprise infrastructure capabilities, building on its existing user base of nearly 30 million customers worldwide and its role in powering the infrastructure of 500 firms within the decentralized economy.