According to Bloomberg, MoonPay acquired Israeli crypto security startup Sodot in an all-stock transaction valued at approximately $100 million. MoonPay will establish a new division, MoonPay Institutional, focused on providing large traditional financial institutions with services including crypto trading, tokenized securities, payments, wallet management, and stablecoin issuance. The division will be led by Caroline D. Pham, former acting chair of the CFTC, who joined MoonPay in December last year and currently serves as Chief Legal Officer and Chief Administrative Officer. Pham stated that institutions are accelerating their entry into the crypto and DeFi space.
MoonPay acquires Sodot for $100 million in stock to launch its institutional division.
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Summary
MoonPay has acquired Israeli crypto security firm Sodot in a $100 million all-stock transaction, marking a significant step toward institutional adoption. The company will launch MoonPay Institutional, targeting major financial institutions with services including tokenized securities, stablecoin issuance, and wallet management. Caroline D. Pham, former acting chair of the CFTC and current chief legal and administrative officer, will lead the division. She noted that institutional adoption is accelerating in the crypto and DeFi space. This move aligns with recent token launch announcements, reflecting growing interest from traditional finance.
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