MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent Israeli crypto security company, as it prepares to launch its MoonPay Institutional division. This new unit is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is an all-stock deal. The MoonPay Institutional platform will offer a comprehensive suite of tools, 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 this new division. Sodot's self-hosted multi-party computation infrastructure is tailored to meet the stringent requirements of institutional clients, providing them with enhanced control over asset movement, transfer approvals, and automated transaction handling.
This acquisition marks a significant expansion of MoonPay's services, which have traditionally focused on facilitating crypto purchases and sales through various payment methods. Over the past year, MoonPay has also acquired stablecoin platform Iron and crypto checkout firm Helio, underscoring its commitment to developing enterprise infrastructure. With nearly 30 million customers worldwide and a presence in the infrastructure of 500 firms across the decentralized economy, MoonPay is poised to make a significant impact in the institutional crypto space.