In a significant move to strengthen its presence in the crypto landscape, MoonPay, a leading crypto payments company, has announced the acquisition of Sodot, a pioneering Israeli firm specializing in crypto security solutions. This all-stock deal, valued at approximately $100 million, according to sources cited by Bloomberg, marks a crucial step in MoonPay's plans 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 offer a comprehensive suite of tools, including trading, tokenized securities, payment solutions, 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 helm MoonPay Institutional. Sodot's innovative self-hosted multi-party computation (MPC) infrastructure is specifically designed for institutional clients, providing them with enhanced control over asset movement, transaction approval, and automated system handling. This acquisition is part of MoonPay's broader strategy to expand its enterprise infrastructure, following the footsteps of its previous acquisitions, including the stablecoin platform Iron and the crypto checkout firm Helio.
With a global customer base of nearly 30 million and infrastructure support for over 500 firms within the decentralized economy, MoonPay continues to solidify its position as a major player in the crypto payments sector.