MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent Israeli crypto security firm, in a stock deal valued at approximately $100 million. This strategic move is part of MoonPay's plan to introduce MoonPay Institutional, a dedicated unit catering to the needs of large financial institutions seeking to enter the crypto market.
According to sources cited by Bloomberg, the all-stock deal is worth around $100 million. The new institutional unit 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 key management layer. Caroline D. Pham, who recently joined MoonPay as Chief Legal Officer and Chief Administrative Officer after serving as the Acting Chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional.
Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is designed to provide institutions with enhanced control over asset movement, transfer approvals, and automated transaction handling. This acquisition marks a significant expansion of MoonPay's capabilities, building on its existing user base of nearly 30 million customers worldwide and its infrastructure support for over 500 firms in the decentralized economy.
With the addition of Sodot's security expertise, MoonPay is poised to make a deeper impact in the enterprise infrastructure space, having already acquired stablecoin platform Iron and crypto checkout firm Helio in the past year.