In a significant move to enhance its institutional offerings, MoonPay, a leading crypto payment firm, has acquired Sodot, a prominent Israeli crypto security startup. This acquisition is a key component of MoonPay's plan to introduce MoonPay Institutional, a dedicated unit 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 newly established unit will provide an array of tools and services, including trading capabilities, tokenized securities, payment solutions, 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 the Acting Chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is particularly suited for institutional clients requiring precise control over asset movement, transfer approvals, and automated transaction handling. Known for facilitating crypto purchases and sales via various payment methods, MoonPay has been expanding its enterprise infrastructure through strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers globally and infrastructure support for 500 firms within the decentralized economy, MoonPay continues to strengthen its position in the market.