In a significant move to strengthen its presence in the institutional crypto space, MoonPay has acquired Sodot, a renowned Israeli crypto security firm, as part of its strategy to introduce MoonPay Institutional. This new unit is designed to cater to the needs of large financial institutions seeking to navigate the crypto landscape. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is structured as 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 the Acting Chair of the Commodity Futures Trading Commission, will helm this new division. Sodot's cutting-edge, self-hosted multi-party computation (MPC) infrastructure is specifically designed for institutions requiring enhanced control over asset movement, transfer approvals, and automated transaction handling.
Known for facilitating crypto purchases and sales through various payment methods, MoonPay has been expanding its enterprise infrastructure capabilities over the past year, including the acquisition of stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers globally and powering the infrastructure for 500 firms across the decentralized economy, MoonPay's acquisition of Sodot underscores its commitment to bolstering its security and institutional offerings.