MoonPay, a leading cryptocurrency payment platform, has announced the acquisition of Sodot, a prominent Israeli crypto security firm, as a strategic move to introduce MoonPay Institutional. This new division is designed to cater to the needs of large financial institutions seeking to enter the cryptocurrency market.
According to sources cited by Bloomberg, the acquisition is valued at approximately $100 million and is structured as an all-stock deal. The MoonPay Institutional platform 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 joined MoonPay as chief legal officer and chief administrative officer after serving as the acting chair of the Commodity Futures Trading Commission, will lead this new initiative.
Sodot's cutting-edge, self-hosted multi-party computation infrastructure is specifically designed to meet the stringent requirements of institutional clients, providing them with enhanced control over asset movement, transfer approvals, and automated transaction processing. With this acquisition, MoonPay further solidifies its position in the enterprise infrastructure space, building on its previous acquisitions of stablecoin platform Iron and crypto checkout firm Helio. As a global leader in cryptocurrency payments, MoonPay boasts nearly 30 million customers worldwide and powers the infrastructure for over 500 firms operating within the decentralized economy.