In a significant move to enhance its institutional offerings, MoonPay, a leading crypto payments company, has acquired Sodot, a cutting-edge Israeli crypto security firm, as it prepares to launch MoonPay Institutional. According to sources cited by Bloomberg, the deal is valued at approximately $100 million and is an all-stock transaction. This new division is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency, providing a comprehensive suite of tools including trading, tokenized securities, payments, wallet management, and stablecoin issuance. Sodot's innovative technology will play a pivotal role as the key management layer for this new business.
Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after her tenure as the acting chair of the Commodity Futures Trading Commission, will spearhead MoonPay Institutional. Sodot's self-hosted multi-party computation (MPC) infrastructure is particularly suited for institutions requiring stringent control over asset movement, transfer approvals, and automated transaction handling.
Known for facilitating crypto purchases and sales through various payment methods, MoonPay has been expanding its enterprise infrastructure through strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers globally and powering the infrastructure for 500 firms within the decentralized economy, MoonPay's acquisition of Sodot marks a significant step in its institutional growth strategy.