In a significant move to strengthen its presence in the institutional crypto space, MoonPay has announced the acquisition of Sodot, a pioneering Israeli crypto security firm, in an all-stock deal valued at approximately $100 million. This strategic move is part of MoonPay's broader plan to introduce MoonPay Institutional, a dedicated unit designed to cater to the complex needs of large financial institutions seeking to navigate the crypto landscape. The new unit, headed by Caroline D. Pham, who recently joined MoonPay from her role as Acting Chair of the Commodity Futures Trading Commission, will provide a comprehensive suite 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 play a pivotal role in the new unit, offering institutions a robust and secure framework to manage assets, approve transfers, and automate transactions. This development marks a significant expansion of MoonPay's offerings, which have traditionally focused on facilitating crypto purchases and sales through various payment methods. Over the past year, MoonPay has been actively enhancing its enterprise infrastructure through key acquisitions, including those of stablecoin platform Iron and crypto checkout firm Helio.
With nearly 30 million customers worldwide and a footprint in the infrastructure of 500 firms across the decentralized economy, MoonPay is poised to make a substantial impact in the institutional crypto sector.