MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent Israeli crypto security company, as a key component of its plans to introduce MoonPay Institutional. This new business 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 (MPC) infrastructure is specifically designed to meet the stringent requirements of institutional clients, offering enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay further solidifies its position in the market, building upon its existing capabilities in facilitating crypto purchases and sales through various payment methods. Over the past year, the company has made strategic acquisitions, including the stablecoin platform Iron and the crypto checkout firm Helio, as part of its broader strategy to expand into enterprise infrastructure. Today, MoonPay boasts a global customer base of nearly 30 million and provides infrastructure support to over 500 firms operating within the decentralized economy.