MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a cutting-edge Israeli crypto 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 enter the cryptocurrency market. According to sources cited by Bloomberg, the all-stock deal is valued at approximately $100 million. The new institutional business will offer a comprehensive suite of tools, 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 joined MoonPay as chief legal officer and chief administrative officer after serving as acting chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional. Sodot's innovative self-hosted multi-party computation infrastructure is specifically designed for institutions requiring enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay further expands its presence in the enterprise infrastructure space, building on its existing capabilities in facilitating crypto purchases and sales through various payment methods.
The company boasts a global customer base of nearly 30 million and powers the infrastructure for over 500 firms within the decentralized economy.