MoonPay, a prominent cryptocurrency payment firm, has acquired Sodot, a cutting-edge Israeli crypto security startup, as a strategic move to introduce MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to engage with the crypto market. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is structured as an all-stock deal.
The MoonPay Institutional platform will offer an array of services including trading tools, tokenized securities, payment management, wallet administration, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer. Under the leadership of Caroline D. Pham, who joined MoonPay as Chief Legal Officer and Chief Administrative Officer after her tenure as Acting Chair of the Commodity Futures Trading Commission, MoonPay Institutional aims to provide tailored solutions for institutional clients. 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.
With this acquisition, MoonPay further solidifies its position in the enterprise infrastructure space, building on its existing user base of nearly 30 million customers worldwide and its role in powering the infrastructure for over 500 firms within the decentralized economy.