In a move to strengthen its presence in the institutional crypto space, MoonPay has acquired Sodot, a cutting-edge Israeli crypto security firm, in an all-stock deal valued at approximately $100 million. This acquisition marks a significant step in MoonPay's plans to launch a dedicated institutional business, tailored to the needs of large financial institutions seeking to tap into the crypto market. The new unit, MoonPay Institutional, will be headed 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. Sodot's innovative self-hosted multi-party computation infrastructure will serve as the foundation for MoonPay Institutional's security framework, providing institutions with enhanced control over asset transfers and automated transactions.
With this expansion, MoonPay aims to leverage its existing customer base of nearly 30 million users worldwide and its infrastructure partnerships with 500 firms in the decentralized economy, to cement its position as a leading player in the crypto payments landscape.