MoonPay’s Strategic Acquisition of North Capital
In an ambitious move to enhance its foothold in the realm of regulated securities, crypto payment services firm MoonPay has announced its intention to acquire North Capital, a provider of private-market infrastructure. This strategic acquisition marks MoonPay’s entry into the tokenized securities space, which involves the management of digital assets that represent ownership in real-world assets (RWAs).
Details of the Acquisition
The acquisition, confirmed in a statement released on Wednesday to Cointelegraph, involves an all-stock transaction valued at over $60 million according to sources familiar with the agreement. MoonPay’s CEO, Ivan Soto-Wright, expressed optimism about the acquisition, stating it will foster stronger connections within the financial ecosystem through advanced and programmable infrastructures.
About North Capital
North Capital, based in Midvale, Utah, operates a comprehensive range of services including broker-dealer operations, an alternative trading system (ATS), investment advisory and more, all of which are registered with the US Securities and Exchange Commission. Noteworthy is the fact that North Capital has facilitated over $8.7 billion in transaction volume in both primary and secondary markets.
Future Prospects
Upon completion of the deal, North Capital will function as a fully-owned subsidiary of MoonPay, pending standard regulatory approvals and customary conditions. The acquisition fits within a broader pattern of strategic growth for MoonPay, which has broadened its operations beyond simple crypto transactions this year. Earlier acquisitions include Sodot, a company specializing in management, DFlow, which focuses on trading infrastructure, and AI-driven financial operations platform Entendre, collectively enhancing MoonPay’s capabilities in various financial services.
MoonPay’s Valuation and Investor Support
MoonPay, which saw its last funding round raise $2.18 million in October 2021, is currently valued at an impressive $3.4 billion, as reported by financial data firm Traxcn. Investors in MoonPay include esteemed entities such as Karlani Capital and Fiduciary Trust International. The company is positioned to leverage North Capital’s extensive infrastructure as it navigates the evolving landscape of digital and tokenized assets.
