MoonPay, a leading cryptocurrency payment firm, has announced the acquisition of Sodot, an Israeli-based crypto security company, as part of its strategy to introduce MoonPay Institutional. This new division is designed to cater to large financial institutions seeking to enter the crypto market. According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is an all-stock deal. The MoonPay Institutional unit will provide a range 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 the 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. With this acquisition, MoonPay further solidifies its position in the enterprise infrastructure space, having previously acquired stablecoin platform Iron and crypto checkout firm Helio.
The company boasts nearly 30 million customers worldwide and supports the infrastructure of over 500 firms within the decentralized economy.