MoonPay, a leading cryptocurrency payment firm, has announced the acquisition of Sodot, a prominent Israeli crypto security company, 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 acquisition is valued at approximately $100 million and is an all-stock deal.
The new institutional unit will provide an array of tools and services, including trading, tokenized securities, payments, 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 MoonPay Institutional.
Sodot's innovative self-hosted multi-party computation infrastructure is tailored to meet the stringent requirements of institutions, offering enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay continues to expand its presence in the enterprise infrastructure sector, building on its existing capabilities in facilitating cryptocurrency transactions through various payment methods. The company boasts a global customer base of nearly 30 million and supports the infrastructure of over 500 firms within the decentralized economy.