MoonPay acquires Sodot in a $100 million all stock transaction

According to Bloomberg, MoonPay has acquired Israeli cryptocurrency security startup Sodot in an all stock transaction for approximately $100 million. MoonPay will establish a new department, MoonPay Institutional, which will focus on providing services such as encrypted trading, tokenized securities, payments, wallet management, and stablecoin issuance to large traditional financial institutions. The department is led by former CFTC Acting Chair Caroline D. Pham, 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 fields of encryption and DeFi.