In a significant move to enhance its institutional capabilities, MoonPay, a leading crypto payment company, has acquired Sodot, a pioneering Israeli startup specializing in crypto security. This all-stock deal, valued at approximately $100 million, is a crucial step in launching MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. The new division will provide an array of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational layer for key management.
Under the leadership of Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer following 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 particularly suited for institutions requiring stringent control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's enterprise infrastructure capabilities, building on its existing strengths in facilitating crypto transactions through various payment methods. With nearly 30 million customers globally and infrastructure support for 500 firms within the decentralized economy, MoonPay is poised to further solidify its position in the market.