In a move to strengthen its presence in the institutional crypto space, MoonPay, a leading crypto payment firm, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security company, as it prepares to launch MoonPay Institutional. According to sources cited by Bloomberg, the all-stock deal is valued at approximately $100 million. This new division is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrencies, offering a suite of tools including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance.
Sodot's innovative technology, featuring a self-hosted multi-party computation (MPC) infrastructure, will play a crucial role in managing the key layer for this business, ensuring institutions have greater control over asset movement, transfer approvals, and automated transaction handling. Caroline D.
Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as the Acting Chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional. This acquisition marks a significant step in MoonPay's expansion into enterprise infrastructure, following its acquisitions of stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers worldwide and powering the infrastructure for 500 companies within the decentralized economy, MoonPay continues to solidify its position in the crypto payments landscape.