In a strategic move to enhance its institutional offerings, MoonPay, a leading crypto payments company, has acquired Sodot, a cutting-edge Israeli crypto security startup. This acquisition is a key component of MoonPay's plan to introduce MoonPay Institutional, a dedicated unit 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 a comprehensive suite of tools, including trading capabilities, 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 innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed to meet the stringent requirements of institutions, offering enhanced control over asset movement, transfer approval processes, and automated transaction handling. This acquisition marks a significant step in MoonPay's expansion into enterprise infrastructure, building on its existing capabilities in facilitating crypto purchases and sales through various payment methods.
With nearly 30 million customers worldwide and infrastructure support for over 500 firms in the decentralized economy, MoonPay is poised to further solidify its position in the market.