In a strategic move to enhance its institutional offerings, MoonPay, a leading crypto payments company, has acquired Sodot, a cutting-edge Israeli crypto security startup. This acquisition is a crucial step in the launch of MoonPay Institutional, a specialized unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the deal is valued at approximately $100 million and is structured as an all-stock transaction. The new institutional unit will provide a comprehensive suite of tools, including trading capabilities, tokenized securities, payment solutions, wallet management, and stablecoin issuance services.
Sodot's innovative technology, which includes a self-hosted multi-party computation (MPC) infrastructure, will play a pivotal role in managing the core aspects of this business. Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as the Acting Chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional. Sodot's MPC infrastructure is specifically designed for institutions requiring stringent 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. Over the past year, MoonPay has made notable strides in enhancing its enterprise infrastructure through the acquisition of stablecoin platform Iron and crypto checkout firm Helio. With a global customer base of nearly 30 million and infrastructure support for 500 firms across the decentralized economy, MoonPay is poised to further solidify its position in the market.