In a significant move to enhance its institutional offerings, MoonPay, a leading crypto payments company, has acquired Sodot, a pioneering Israeli crypto security firm, in an all-stock deal valued at approximately $100 million, according to sources cited by Bloomberg. This acquisition marks a crucial step in the launch of MoonPay Institutional, a bespoke unit designed to cater to the needs of large financial institutions seeking to navigate the crypto landscape.
The new unit, to be helmed by 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 provide an array of tools and services including trading, tokenized securities, payments, wallet management, and stablecoin issuance.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure will serve as the foundational key management layer for this venture, offering institutions a higher degree of control over asset movement, transaction approvals, and automated system handling. Known for facilitating crypto transactions via various payment methods, MoonPay has been expanding its enterprise infrastructure through strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers globally and powering the infrastructure for 500 firms within the decentralized economy, this move positions MoonPay for further growth in the institutional crypto market.