MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, as a pivotal step in launching its new institutional business arm. According to sources cited by Bloomberg, the all-stock deal is valued at approximately $100 million.
This move is part of MoonPay's broader strategy to cater to large financial institutions seeking to tap into the crypto market. The newly established unit, MoonPay Institutional, will be headed by 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.
Sodot's innovative self-hosted multi-party computation infrastructure will serve as the foundational security layer for MoonPay Institutional, offering institutions enhanced control over asset transfers, approvals, and automated transactions. This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing strengths in facilitating crypto purchases and sales through various payment methods.
With nearly 30 million customers worldwide and infrastructure support for over 500 firms in the decentralized economy, MoonPay's foray into institutional crypto is poised to further solidify its position in the market.