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Tokenization & RWA
The acquisition would give MoonPay regulated private-markets infrastructure as tokenized securities move closer to mainstream financial-market rails.
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MoonPay has agreed to acquire North Capital Investment Technology in an all-stock deal valued at more than $60 million, gaining SEC-registered broker-dealer, alternative trading system, transfer agent, and investment adviser infrastructure as tokenized securities move into regulated markets.
MoonPay has agreed to acquire private-markets infrastructure provider North Capital Investment Technology in a move that would expand the crypto payments company into regulated securities-market infrastructure.
The all-stock transaction, valued at more than $60 million according to reports, would bring North Capital under MoonPay as a wholly owned subsidiary once regulatory approvals and other closing conditions are satisfied.
The deal gives MoonPay access to infrastructure spanning securities brokerage, alternative trading, transfer-agent and investment-advisory services, strengthening its position as tokenized securities move from blockchain experiments toward regulated market infrastructure.
North Capital provides technology and regulated services for private securities issuers, intermediaries, fund managers and investors.
Its platform covers capital raising, investor onboarding, transaction processing, subscription escrow, custody, clearing and secondary-market trading. It also operates PPEX, a registered alternative trading system for private and other exempt securities, including tokenized securities.
North Capital said its platform has supported more than $8.7 billion in primary and secondary transaction volume, while PPEX has more than 1,250 approved assets available for secondary-market trading.
The acquisition would add North Capital's SEC-registered broker-dealers, alternative trading system, transfer agent and investment adviser to MoonPay's existing financial infrastructure platform.
That gives MoonPay capabilities across more parts of the securities lifecycle instead of relying solely on partnerships with regulated market operators.
MoonPay has historically focused on infrastructure connecting traditional payment methods with crypto and digital assets. The North Capital deal extends that model into private securities and tokenized real-world assets.
MoonPay said the acquisition is intended to address fragmentation between financial-market infrastructure, technology platforms and workflows.
“Building the regulatory foundation” for the broader adoption of tokenized real-world assets is part of that strategy, CEO and founder Ivan Soto-Wright said.
The move also builds on MoonPay's existing work in tokenized assets.
In June, Franklin Templeton integrated its tokenized money-market fund infrastructure with MoonPay Trade, allowing eligible investors to move between supported stablecoins and shares of the tokenized fund through blockchain-based workflows.
The North Capital acquisition would add a different layer: regulated infrastructure for issuing, processing and trading private securities.
The deal comes as established financial-market operators accelerate their own tokenization initiatives.
Nasdaq is developing infrastructure for tokenized equities, including a planned framework for issuers to offer tokenized versions of securities while maintaining traditional governance and shareholder rights.
NYSE has also been advancing blockchain-based securities infrastructure. Its participation in DTCC's live tokenized-securities pilot brought the exchange into production transactions alongside more than 30 financial institutions.
Against that backdrop, MoonPay's acquisition targets a different part of the market: the regulated infrastructure connecting issuers, investors and secondary markets.
The development follows a broader shift in which tokenization is increasingly being built into existing financial-market structures rather than developed as a separate crypto-only market.
The transaction has been approved by the boards of both companies but remains subject to required regulatory approvals and other customary closing conditions. North Capital would become a wholly owned MoonPay subsidiary once the transaction closes.
MoonPay's move therefore does not immediately create a new tokenized-securities trading venue. Instead, it gives the company access to regulated securities infrastructure that could support future tokenized-asset products and services.
The significance of the deal lies in where MoonPay is building: alongside the regulated plumbing of securities markets, rather than solely around the crypto payment layer.
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