MoonPay Launches Institutional Unit After Sodot Acquisition
MoonPay is launching an institutional division following its $100 million acquisition of security firm Sodot.Summary
MoonPay has announced the launch of a new institutional business unit following its acquisition of Sodot, an Israeli crypto security infrastructure provider. The deal, reportedly an all-stock transaction valued at approximately $100 million, integrates Sodot's key management technology as the core infrastructure for MoonPay's new services.
The new division aims to serve financial institutions, asset managers, and exchanges by providing services in trading, tokenized securities, wallet management, and stablecoin issuance. The unit will be led by Caroline Pham, former acting chair of the US Commodity Futures Trading Commission.
This strategic move signals MoonPay's expansion from retail payments into the institutional sector, meeting the increasing demand from traditional finance companies for secure custody and wallet infrastructure.
(Source：Cointelegraph)