In a significant move to bolster its presence in the institutional crypto space, MoonPay, a leading cryptocurrency payment platform, has acquired Sodot, a pioneering Israeli security firm specializing in crypto asset protection. This all-stock transaction, valued at approximately $100 million, is a crucial step in the launch of MoonPay Institutional, a bespoke unit designed to cater to the complex needs of large financial institutions seeking to navigate the crypto landscape. The new division will be spearheaded by Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer, following her tenure as Acting Chair of the Commodity Futures Trading Commission.
MoonPay Institutional aims to provide a comprehensive suite of services, including trading tools, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's cutting-edge technology serving as the foundational layer for secure key management. Sodot's innovative, self-hosted multi-party computation (MPC) infrastructure is particularly suited for institutions requiring precise 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 and its recent strategic acquisitions in the enterprise infrastructure space, including stablecoin platform Iron and crypto checkout firm Helio.
With a global customer base of nearly 30 million and infrastructure partnerships with over 500 firms in the decentralized economy, MoonPay is poised to make a substantial impact in the institutional crypto sector.