In a significant move, MoonPay, a leading cryptocurrency payment firm, has acquired Sodot, a pioneering Israeli crypto security company, as it prepares to launch MoonPay Institutional. This new division is 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 an all-stock deal. The MoonPay Institutional unit will provide an array of services including trading tools, 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 Acting Chair of the Commodity Futures Trading Commission, will lead this new initiative.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed for institutional clients requiring enhanced 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 reach into enterprise infrastructure through recent acquisitions, including stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers globally and powering the infrastructure for 500 firms within the decentralized economy, MoonPay's acquisition of Sodot marks a significant step forward in its institutional crypto ambitions.