In a significant move to bolster its presence in the institutional crypto space, MoonPay, a leading crypto payments company, has acquired Sodot, a cutting-edge Israeli crypto security firm, as part of its strategy to introduce MoonPay Institutional. According to sources cited by Bloomberg, the deal is valued at approximately $100 million and is an all-stock transaction.
This new unit is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrencies, offering 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. Caroline D.
Pham, who previously served as the acting chair of the Commodity Futures Trading Commission and recently joined MoonPay as chief legal officer and chief administrative officer, will lead MoonPay Institutional. Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed for institutions requiring 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 purchases and sales through various payment methods, and follows its recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers globally and infrastructure support for 500 firms within the decentralized economy, MoonPay is poised to make a substantial impact in the institutional crypto sector.