MoonPay, a leading cryptocurrency payment firm, has announced the acquisition of Sodot, a prominent Israeli crypto security company, in a deal valued at approximately $100 million in stock. This strategic move is part of MoonPay's plan to introduce MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to enter the cryptocurrency market. The new division will provide an array of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational layer for key management. 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 provide institutions with a secure and reliable platform for managing their cryptocurrency assets. Sodot's innovative self-hosted multi-party computation infrastructure is specifically designed to meet the stringent security requirements of institutional clients, offering enhanced control over asset transfers, approvals, and automated transactions. This acquisition marks a significant expansion of MoonPay's services, building on its existing capabilities in facilitating cryptocurrency transactions for nearly 30 million customers worldwide and powering the infrastructure for over 500 firms in the decentralized economy.