MoonPay, a leading cryptocurrency payment provider, has announced the acquisition of Sodot, a prominent Israeli cryptocurrency security firm, as part of its strategic plan to introduce MoonPay Institutional. This new unit 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 structured as an all-stock deal.
The new institutional unit will provide an array of tools and services, including trading, 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 self-hosted multi-party computation infrastructure is specifically designed to meet the stringent requirements of institutional clients, offering enhanced control over asset movement, transfer approvals, and automated transaction handling.
With nearly 30 million customers worldwide and infrastructure support for over 500 firms within the decentralized economy, MoonPay has been expanding its enterprise infrastructure capabilities through strategic acquisitions, including the recent purchases of stablecoin platform Iron and crypto checkout firm Helio.