MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, in a stock deal valued at approximately $100 million. This strategic move is part of MoonPay's plan to introduce MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to enter the cryptocurrency market. The new unit will provide a comprehensive suite of tools, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundation for key management. 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 specifically designed for institutions requiring enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay further solidifies its position in the market, having already acquired stablecoin platform Iron and crypto checkout firm Helio as part of its expansion into enterprise infrastructure. Today, MoonPay boasts nearly 30 million customers worldwide and powers the infrastructure of over 500 firms within the decentralized economy.