MoonPay, a leading cryptocurrency payment platform, has acquired Sodot, a renowned Israeli crypto security firm, as a strategic move to launch its new institutional business unit. According to sources cited by Bloomberg, the all-stock deal is valued at approximately $100 million. The new division, MoonPay Institutional, aims to provide large financial institutions with seamless access to cryptocurrency services, including trading tools, tokenized securities, payment solutions, wallet management, and stablecoin issuance.
Sodot's cutting-edge technology will serve as the foundation for the unit's key 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 new unit. Sodot's innovative self-hosted multi-party computation infrastructure is designed to provide institutions with enhanced control over asset transactions, approval processes, and automated systems.
With nearly 30 million customers worldwide and a network of 500 firms across the decentralized economy, MoonPay's acquisition of Sodot marks a significant expansion into the institutional crypto space, building on its previous acquisitions of stablecoin platform Iron and crypto checkout firm Helio.