MoonPay, a leading cryptocurrency payment platform, has acquired Sodot, a cutting-edge Israeli crypto security firm, in a strategic move to launch MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to enter the cryptocurrency market. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million in an all-stock deal.
The MoonPay Institutional unit will provide a comprehensive suite of tools, including trading, tokenized securities, payment solutions, 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 this new initiative. Sodot's innovative self-hosted multi-party computation infrastructure is tailored to meet the stringent requirements of institutions, offering enhanced control over asset transfers, transaction automation, and approval processes.
With this acquisition, MoonPay strengthens its position in the enterprise infrastructure space, building on its previous acquisitions of stablecoin platform Iron and crypto checkout firm Helio. Today, MoonPay boasts nearly 30 million customers worldwide and powers the infrastructure of over 500 firms across the decentralized economy.