In a move to strengthen its presence in the institutional crypto space, MoonPay has acquired Sodot, a cutting-edge Israeli crypto security firm, as it prepares to launch its new MoonPay Institutional unit. According to sources cited by Bloomberg, the deal is valued at approximately $100 million and is an all-stock transaction. This new division is designed to cater to the needs of large financial institutions seeking to engage with cryptocurrencies, offering a suite of tools including trading, tokenized securities, payments, wallet management, and stablecoin issuance.
Sodot's innovative technology will provide the foundational security layer for this venture. Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as Acting Chair of the Commodity Futures Trading Commission, will helm MoonPay Institutional. Sodot's self-hosted multi-party computation (MPC) infrastructure is particularly suited for institutions requiring stringent control over asset movement, transfer approvals, and automated transaction handling.
Known for facilitating crypto purchases and sales through various payment methods, MoonPay has been expanding its enterprise infrastructure through strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio. With nearly 30 million customers globally and infrastructure support for 500 firms in the decentralized economy, MoonPay is poised to make a significant impact in the institutional crypto market.