In a significant move to bolster its presence in the institutional crypto space, MoonPay has acquired Sodot, a cutting-edge Israeli crypto security firm, in an all-stock deal valued at approximately $100 million. This acquisition marks a crucial step in the launch of MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to navigate the crypto landscape. According to sources cited by Bloomberg, the deal underscores MoonPay's commitment to expanding its offerings beyond consumer-facing services.
The new institutional division, led by 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 provide a comprehensive suite of tools and services. These include trading solutions, tokenized securities, payment processing, wallet management, and stablecoin issuance, all underpinned by Sodot's innovative self-hosted multi-party computation (MPC) infrastructure.
This technology is specifically designed to meet the stringent security and control requirements of institutional clients, enabling them to exert tighter control over asset movement, transfer approvals, and automated transaction handling. With this acquisition, MoonPay, known for facilitating crypto purchases and sales through various payment methods, further solidifies its push into enterprise infrastructure, following the footsteps of its recent acquisitions of stablecoin platform Iron and crypto checkout firm Helio.
Today, MoonPay boasts a global customer base of nearly 30 million and powers the infrastructure for over 500 firms within the decentralized economy, positioning itself as a significant player in the crypto payments and institutional services sector.