MoonPay, a prominent cryptocurrency payment platform, has announced the acquisition of Sodot, a leading Israeli crypto security firm, in a $100 million all-stock deal. This strategic move is part of MoonPay's plan to introduce MoonPay Institutional, a dedicated unit catering to the needs of large financial institutions seeking to enter the crypto market. The new division 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 acting chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional. Sodot's innovative self-hosted multi-party computation (MPC) 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 services, which already include facilitating crypto purchases and sales through various payment methods. With nearly 30 million customers worldwide and infrastructure support for 500 firms in the decentralized economy, MoonPay continues to strengthen its position in the enterprise infrastructure sector, following recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.