In a strategic move to bolster its institutional offerings, MoonPay, a leading cryptocurrency payment platform, has acquired Sodot, a prominent Israeli crypto security firm, in an all-stock deal valued at approximately $100 million. This acquisition is a key component of MoonPay's plan 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 will provide a comprehensive suite of tools, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer. Under the leadership of 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, MoonPay Institutional aims to deliver enhanced security and control to institutional clients. Sodot's self-hosted multi-party computation (MPC) infrastructure is specifically designed to meet the stringent requirements of institutions, offering tighter control over asset movement, transfer approvals, and automated transaction handling.
This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing strengths in facilitating crypto purchases and sales through various payment methods. With nearly 30 million customers worldwide and infrastructure support for 500 firms across the decentralized economy, MoonPay is poised to deepen its push into enterprise infrastructure with the integration of Sodot's technology.