In a significant move to bolster its institutional offerings, MoonPay, a leading crypto payment platform, has acquired Sodot, a pioneering Israeli crypto security firm, in an all-stock deal valued at approximately $100 million. This strategic acquisition is a crucial step in the launch of MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to navigate the crypto landscape.
The new division will provide an array of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's innovative 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 self-hosted multi-party computation infrastructure is specifically designed to meet the stringent requirements of institutions, offering 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 strengths in facilitating crypto purchases and sales through various payment methods. Over the past year, MoonPay has made notable acquisitions, including stablecoin platform Iron and crypto checkout firm Helio, underscoring its commitment to deepening its enterprise infrastructure. With a global customer base of nearly 30 million and powering the infrastructure of 500 firms within the decentralized economy, MoonPay continues to solidify its position as a leading player in the crypto payments sector.