MoonPay, a leading cryptocurrency payment company, has successfully acquired Sodot, a pioneering Israeli startup specializing in cryptocurrency security. This move is a crucial step in MoonPay's plan to introduce MoonPay Institutional, a dedicated unit catering to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is structured as an all-stock deal.
The newly established 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 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 spearhead MoonPay Institutional. Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is designed to meet the stringent requirements of institutional clients, offering enhanced control over asset movement, transfer approvals, and automated transaction handling.
MoonPay, renowned for facilitating cryptocurrency purchases and sales via various payment methods, has expanded its enterprise infrastructure through recent acquisitions, including the stablecoin platform Iron and the crypto checkout firm Helio. With a global customer base of nearly 30 million and infrastructure support for 500 firms within the decentralized economy, MoonPay continues to solidify its position in the cryptocurrency landscape.