In a strategic move to bolster its institutional offerings, MoonPay, a leading crypto payments company, has acquired Sodot, a renowned Israeli crypto security firm. This all-stock deal, valued at approximately $100 million, is a pivotal step in the launch of MoonPay Institutional, a dedicated unit catering to the needs of large financial institutions seeking to navigate the crypto space. The new division will provide a comprehensive suite of tools, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer. Under the stewardship of Caroline D.
Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as Acting Chair of the Commodity Futures Trading Commission, MoonPay Institutional is poised to address the complex needs of institutional clients. Sodot's cutting-edge, self-hosted multi-party computation (MPC) infrastructure is designed to provide institutions with enhanced control over asset movement, transfer approvals, and automated transaction handling.
This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing strengths in facilitating crypto transactions for nearly 30 million customers worldwide and powering the infrastructure for over 500 firms within the decentralized economy.