MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, as it prepares to launch MoonPay Institutional, a dedicated unit catering to the needs of large financial institutions seeking to enter the crypto space. According to sources cited by Bloomberg, the deal is valued at approximately $100 million and is structured as an all-stock transaction. The new institutional division will provide 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 the MoonPay Institutional unit.
Sodot's innovative self-hosted multi-party computation infrastructure is designed to provide institutions with enhanced control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing user base of nearly 30 million customers worldwide and its infrastructure support for over 500 firms in the decentralized economy. Having already acquired stablecoin platform Iron and crypto checkout firm Helio, MoonPay is poised to make a deeper impact in the enterprise infrastructure sector.