MoonPay buys crypto security firm Sodot in $100M push into institutional crypto

Crypto payments platform MoonPay is launching an institutional unit after acquiring Sodot, an Israeli crypto security infrastructure provider.

MoonPay on Wednesday announced the acquisition of Sodot, using Sodot’s key management technology as the core infrastructure layer of its new business serving financial institutions, asset managers, trading firms and exchanges entering digital asset markets.

“We built MoonPay to be the world’s leading crypto payments network,” MoonPay co-founder and CEO Ivan Soto-Wright said in a press release, adding that its institutional arm is the next stage for the company.

According to Bloomberg, the deal closed in April in an all-stock transaction valued at around $100 million. MoonPay did not immediately respond to Cointelegraph’s request for comment to confirm the deal’s details.

The move expands MoonPay’s business beyond retail crypto payments and reflects rising demand from traditional finance companies for secure wallet and custody infrastructure as they expand into digital assets.

MoonPay targets institutional demand

MoonPay’s new institutional division