MoonPay has made a significant move in the crypto industry by acquiring Sodot, an Israeli-based firm specializing in crypto key management infrastructure. This acquisition is part of MoonPay's strategy to expand its business beyond retail crypto payments.
The deal values the acquisition at around $100 million and allows MoonPay to tap into institutional demand for secure wallet and custody infrastructure. Traditional finance companies are increasingly entering the digital asset space, and this move enables MoonPay to cater to their needs.