MoonPay, a leading cryptocurrency payment company, has announced the acquisition of Sodot, a prominent Israeli-based crypto security firm, as a strategic move to introduce MoonPay Institutional, a dedicated unit catering 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 and is structured as an all-stock deal. This new division will provide an array 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.
Under the leadership of Caroline D. Pham, who joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as the Acting Chair of the Commodity Futures Trading Commission, MoonPay Institutional aims to leverage Sodot's advanced self-hosted multi-party computation (MPC) infrastructure.
This infrastructure is designed to meet the stringent requirements of institutional clients, offering enhanced control over asset movement, transfer approvals, and automated transaction handling. With this expansion, MoonPay, known for facilitating cryptocurrency transactions through various payment methods and boasting nearly 30 million customers worldwide, further solidifies its position in the market. The company powers the infrastructure for over 500 firms within the decentralized economy and has recently made significant strides into enterprise infrastructure through the acquisitions of stablecoin platform Iron and crypto checkout firm Helio.