MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, as it prepares to launch MoonPay Institutional. This new unit is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is an all-stock deal. The MoonPay Institutional platform will offer a comprehensive suite of tools, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer.
Caroline D. Pham, who joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as Acting Chair of the Commodity Futures Trading Commission, will lead this new initiative.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed for institutions that require enhanced control over asset movement, transfer approvals, and automated transaction handling. This strategic acquisition marks a significant expansion of MoonPay's capabilities, building on its existing strengths in facilitating crypto purchases and sales through various payment methods.
Over the past year, MoonPay has made notable acquisitions, including stablecoin platform Iron and crypto checkout firm Helio, as part of its broader push into enterprise infrastructure. With nearly 30 million customers worldwide and infrastructure support for 500 firms across the decentralized economy, MoonPay is poised to make a significant impact in the institutional crypto space.