MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a prominent Israeli crypto security startup, as a strategic move to introduce 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 structured as an all-stock deal. The MoonPay Institutional platform will provide 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 infrastructure is specifically designed for institutional clients, offering 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 reputation for facilitating crypto transactions through various payment methods.
Over the past year, MoonPay has also acquired stablecoin platform Iron and crypto checkout firm Helio, underscoring its commitment to developing enterprise infrastructure. With nearly 30 million customers worldwide and infrastructure support for 500 firms in the decentralized economy, MoonPay is poised to further solidify its position in the market.