In a significant move to bolster its presence in the institutional crypto space, MoonPay, a leading crypto payments company, has announced the acquisition of Sodot, a pioneering Israeli crypto security firm. According to sources cited by Bloomberg, the all-stock deal is valued at approximately $100 million. This strategic acquisition is a key component of MoonPay's plan to launch MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrencies. The new unit will provide a comprehensive suite of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's cutting-edge 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 spearhead MoonPay Institutional.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed to meet the stringent security and control requirements of institutional clients, enabling them to exert greater control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing strengths in facilitating crypto transactions through various payment methods.
Over the past year, MoonPay has made notable acquisitions, including stablecoin platform Iron and crypto checkout firm Helio, as part of its strategic push into enterprise infrastructure. With nearly 30 million customers worldwide and a network of 500 firms across the decentralized economy, MoonPay is poised to make a substantial impact in the institutional crypto market.