MoonPay, a leading cryptocurrency payment firm, has taken a significant step towards expanding its services to institutional clients with the acquisition of Sodot, an Israeli startup specializing in crypto security. According to sources, the all-stock deal is valued at approximately $100 million. This strategic move is part of MoonPay's plan to launch MoonPay Institutional, a dedicated unit designed to provide large financial institutions with seamless access to cryptocurrency. The new unit, under the leadership of Caroline D.
Pham, who previously served as the Acting Chair of the Commodity Futures Trading Commission, will offer a comprehensive suite of tools and services including trading, tokenized securities, payments, wallet management, and stablecoin issuance. Sodot's cutting-edge technology, featuring self-hosted multi-party computation (MPC) infrastructure, will serve as the foundational security layer for MoonPay Institutional. This infrastructure is specifically designed to meet the stringent requirements of institutions, providing them with enhanced control over asset movement, transfer approvals, and automated transaction handling.
With this acquisition, MoonPay further solidifies its position in the cryptocurrency market, building on its existing user base of nearly 30 million customers worldwide and its infrastructure support for over 500 firms within the decentralized economy. The move also underscores MoonPay's commitment to expanding its enterprise infrastructure, following the acquisitions of stablecoin platform Iron and crypto checkout firm Helio over the past year.