In a significant move, cryptocurrency payment company MoonPay has acquired Sodot, a security-focused startup from Israel, to bolster its institutional offerings. According to sources, the deal is valued at approximately $100 million and is an all-stock transaction. This strategic acquisition is part of MoonPay's broader plan to introduce MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. The new unit, under the leadership of Caroline D.
Pham, who recently joined MoonPay after serving as the Acting Chair of the Commodity Futures Trading Commission, will provide a comprehensive suite of services including trading tools, tokenized securities, payment solutions, wallet management, and stablecoin issuance. Sodot's cutting-edge technology, specifically its self-hosted multi-party computation infrastructure, will play a crucial role in managing the security and compliance aspects of these services. This move marks a significant expansion of MoonPay's capabilities, leveraging Sodot's expertise to offer institutions a higher degree of control over asset movement and transaction automation.
With nearly 30 million customers globally and infrastructure support for over 500 firms in the decentralized economy, MoonPay is poised to make a substantial impact in the institutional crypto space.