In a strategic move to enhance its institutional offerings, MoonPay, a prominent crypto payments company, has acquired Sodot, a cutting-edge Israeli crypto security firm, as part of its initiative to introduce MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to tap into the crypto market. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million, with the deal being entirely stock-based.
The MoonPay Institutional unit will provide an array of tools and services, 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 joined MoonPay as chief legal officer and chief administrative officer after serving as the acting chair of the Commodity Futures Trading Commission, will lead this new division.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is tailored to meet the stringent requirements of institutions, offering precise control over asset movement, transfer approvals, and automated transaction handling. Known for facilitating crypto transactions through various payment methods, MoonPay has been expanding its enterprise infrastructure, having acquired stablecoin platform Iron and crypto checkout firm Helio over the past year. With a global customer base of nearly 30 million and powering the infrastructure for 500 firms within the decentralized economy, MoonPay continues to solidify its position in the market.