MoonPay, a leading cryptocurrency payment platform, has acquired Sodot, a specialized Israeli cryptocurrency security firm, as a strategic move to introduce MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million in an all-stock deal.
MoonPay Institutional will provide a comprehensive suite of services, including trading tools, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational 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 this new division. Sodot's innovative self-hosted multi-party computation infrastructure is specifically designed for institutions requiring enhanced control over asset movement, transfer approvals, and automated transaction handling.
Known for facilitating cryptocurrency purchases and sales through various payment methods, MoonPay has expanded its reach over the past year through strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio, strengthening its position in enterprise infrastructure. With nearly 30 million customers worldwide and powering the infrastructure for 500 firms within the decentralized economy, MoonPay continues to grow its presence in the cryptocurrency market.