In a significant move to strengthen its presence in the institutional crypto space, MoonPay has acquired Sodot, a cutting-edge 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 navigate the crypto landscape. According to sources cited by Bloomberg, the all-stock deal is valued at approximately $100 million.
MoonPay Institutional, led by Caroline D. Pham, who previously served as the Acting Chair of the Commodity Futures Trading Commission, will provide a comprehensive suite 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.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed to meet the stringent security requirements of institutions, offering enhanced control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant step in MoonPay's expansion into enterprise infrastructure, building on its existing capabilities as a leading crypto payments firm with nearly 30 million customers worldwide and infrastructure partnerships with over 500 firms across the decentralized economy.