MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a cutting-edge Israeli crypto security firm, in an all-stock deal valued at approximately $100 million. This move is part of MoonPay's broader strategy to introduce MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrency. The new division will provide a comprehensive suite of tools and services, including trading, tokenized securities, payments, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer. Under the leadership of 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, MoonPay Institutional aims to provide institutions with the necessary infrastructure to securely manage their crypto assets. Sodot's self-hosted multi-party computation (MPC) infrastructure is specifically designed to meet the stringent security requirements of institutional clients, offering tighter control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay further solidifies its position in the enterprise infrastructure space, building on its existing capabilities in facilitating crypto purchases and sales through various payment methods.
Having acquired both the stablecoin platform Iron and the crypto checkout firm Helio over the past year, MoonPay continues to expand its reach, currently serving nearly 30 million customers worldwide and powering the infrastructure for over 500 firms within the decentralized economy.