In a strategic move to strengthen its institutional offerings, MoonPay, a leading cryptocurrency payment firm, has acquired Sodot, a renowned Israeli crypto security company, for approximately $100 million in an all-stock deal. This acquisition is a key component of MoonPay's plans to introduce MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. The new unit, headed by Caroline D.
Pham, who recently joined MoonPay after serving as the Acting Chair of the Commodity Futures Trading Commission, will provide an array of tools and services including trading, tokenized securities, payments, wallet management, and stablecoin issuance. Sodot's cutting-edge, self-hosted multi-party computation (MPC) infrastructure will form the core of the unit's security framework, offering institutions a high degree of control over asset movement, transfer approvals, and automated transaction handling. With this expansion, MoonPay, known for facilitating crypto purchases and sales through various payment methods and boasting nearly 30 million customers worldwide, reinforces its commitment to advancing its enterprise infrastructure, following recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.