MoonPay acquires Israeli security company Sodot for approximately $100 million, strengthening its institutional business.

CoinFeed reported on April 29th, citing Bloomberg, that crypto payment company MoonPay acquired Israeli crypto security startup Sodot in an all-stock transaction worth approximately $100 million. MoonPay will use this acquisition to form a new division, MoonPay Institutional, dedicated to providing services such as crypto trading, tokenized securities, payments, wallet management, and stablecoin issuance to large traditional financial institutions. The division will be led by Caroline D. Pham, former acting chair of the U.S. Commodity Futures Trading Commission (CFTC), who joined MoonPay last December as Chief Legal Officer and Chief Administrative Officer. Pham stated that with the tightening of stablecoin regulations in the U.S. and the improvement of blockchain security, institutions are accelerating their entry into the crypto and DeFi sectors.