In a strategic move, MoonPay, a prominent crypto payments company, has acquired Sodot, an Israeli startup specializing in crypto security. The acquisition is part of MoonPay’s initiative to establish MoonPay Institutional, aimed at providing services to large financial institutions seeking to engage with cryptocurrencies.
According to Bloomberg, sources familiar with the deal indicate that it involves an all-stock transaction valued at approximately $100 million.
MoonPay Institutional will offer a range of tools including trading capabilities, tokenized securities, payment solutions, wallet management, and stablecoin issuance. Sodot’s technology is set to be the cornerstone for managing these services.
The new division will be spearheaded by Caroline D. Pham, who joined MoonPay in December as chief legal officer and chief administrative officer after her tenure as acting chair of the Commodity Futures Trading Commission last year.
Sodot’s self-hosted multi-party computation (MPC) infrastructure is designed for institutions requiring stringent control over asset movement, approval processes, and automated transaction management.
MoonPay is renowned for enabling users to buy and sell cryptocurrencies via cards, bank transfers, and other payment methods. In the past year, it has expanded its enterprise capabilities by acquiring stablecoin platform Iron and crypto checkout firm Helio.
The company boasts nearly 30 million global customers and supports infrastructure for over 500 firms within the decentralized economy.