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Crypto payments firm MoonPay has acquired Sodot, an Israeli crypto security startup, as part of its plan to launch MoonPay Institutional, a new unit built for large financial institutions looking to access crypto.
Bloomberg reports, citing sources familiar with the acquisition, that it's an all-stock deal worth about $100 million.
The new unit will offer tools for trading, tokenized securities, payments, wallet management and stablecoin issuance. Sodot's technology will serve as the key management layer for the business.
MoonPay Institutional will be led by Caroline D. Pham, who joined MoonPay in December as chief legal officer and chief administrative officer after serving as acting chair of the Commodity Futures Trading Commission last year.
Sodot's self-hosted multi-party computation (MPC) infrastructure is built for institutions that need tighter control over how assets move, who can approve transfers and how automated systems handle transactions.
MoonPay is best known for letting users buy and sell crypto through cards, bank transfers and other payment methods, though the past year has seen it acquire stablecoin platform Iron and crypto checkout firm Helio as part of a deeper push into enterprise infrastructure.
MoonPay has nearly 30 million customers worldwide and powers the infrastructure of 500 firms across the decentralized economy.
cryptonews.net