MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a prominent Israeli crypto security firm, as it prepares to launch MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to enter the cryptocurrency market. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is an all-stock deal.
The new institutional unit will provide a comprehensive suite of tools, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the core management layer. Under the leadership of 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, MoonPay Institutional aims to provide institutions with the necessary infrastructure to navigate the crypto space securely. Sodot's self-hosted multi-party computation infrastructure is particularly suited for institutions requiring granular control over asset movement, transfer approvals, and automated transaction handling. This strategic acquisition marks a significant expansion of MoonPay's services, building on its existing capabilities in crypto payments and stablecoin platforms, as it continues to power the infrastructure for over 500 firms across the decentralized economy, serving nearly 30 million customers worldwide.