In a significant move to strengthen its presence in the institutional crypto space, MoonPay has acquired Sodot, a cutting-edge Israeli crypto security company, in an all-stock deal valued at approximately $100 million, as reported by Bloomberg. This acquisition is integral to the launch of MoonPay Institutional, a dedicated unit designed to cater to the complex needs of large financial institutions seeking to engage with cryptocurrency. The new division will provide a comprehensive suite of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's innovative technology serving as the foundational security layer.
Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after her tenure as Acting Chair of the Commodity Futures Trading Commission, will spearhead this initiative.
Sodot's specialized self-hosted multi-party computation (MPC) infrastructure is tailored to meet the stringent security and control requirements of institutional clients, offering enhanced oversight and automation of transactions. This development marks a significant expansion of MoonPay's offerings, which have traditionally focused on facilitating crypto transactions for individual users through various payment methods.
Over the past year, MoonPay has underscored its commitment to broadening its enterprise infrastructure capabilities through strategic acquisitions, including those of stablecoin platform Iron and crypto checkout firm Helio. With a global customer base of nearly 30 million and infrastructure partnerships with over 500 firms within the decentralized economy, MoonPay is poised to make a substantial impact in the institutional crypto market.