MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent Israeli crypto security firm, in a stock deal valued at approximately $100 million, as reported by Bloomberg. This strategic move is part of MoonPay's plan to introduce MoonPay Institutional, a specialized unit designed to cater to the crypto needs of large financial institutions. The new unit will provide an array of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the core 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 innovative self-hosted multi-party computation infrastructure is tailored to meet the stringent requirements of institutions, offering enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay further solidifies its position in the enterprise infrastructure space, having previously acquired stablecoin platform Iron and crypto checkout firm Helio.
The company boasts a global customer base of nearly 30 million and powers the infrastructure of over 500 firms within the decentralized economy.