MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent Israeli crypto security firm, in a $100 million all-stock deal. This strategic move is part of MoonPay's efforts to introduce MoonPay Institutional, a dedicated unit catering to the needs of large financial institutions seeking to enter the cryptocurrency market. According to sources, the new unit 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 core 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 the MoonPay Institutional division. Sodot's cutting-edge self-hosted multi-party computation infrastructure is designed to provide institutions with enhanced control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay, which has nearly 30 million customers worldwide and supports the infrastructure of 500 firms in the decentralized economy, is poised to further expand its presence in the enterprise infrastructure space, building on its recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.