MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, an Israeli-based crypto security firm, as it prepares to launch its new institutional business unit. According to sources, the all-stock deal is valued at approximately $100 million. The new institutional unit, MoonPay Institutional, will cater to large financial institutions seeking to enter the cryptocurrency market, offering a range of tools and services including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance. Sodot's cutting-edge technology will serve as the foundation for the unit's 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 designed to provide institutions with enhanced control over asset movement, transfer approvals, and automated transaction handling. The acquisition marks a significant expansion of MoonPay's enterprise infrastructure, building on its existing capabilities in cryptocurrency transactions and stablecoin issuance.
With nearly 30 million customers worldwide and partnerships with over 500 firms in the decentralized economy, MoonPay is poised to further solidify its position in the market.