MoonPay, a leading cryptocurrency payment firm, has announced the acquisition of Sodot, a prominent Israeli cryptocurrency security startup, as a strategic move 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 acquisition is valued at approximately $100 million in an all-stock deal. The MoonPay Institutional platform will offer a 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 the Acting Chair of the Commodity Futures Trading Commission, will lead the new unit. Sodot's self-hosted multi-party computation infrastructure is specifically designed for institutions requiring enhanced control over asset movement, transfer approvals, and automated transaction handling. With nearly 30 million customers worldwide and infrastructure support for 500 firms in the decentralized economy, MoonPay has been expanding its enterprise infrastructure through strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio.