- MoonPay has agreed to acquire North Capital in an all-stock deal valued at more than $60 million, pending regulatory approvals.
- The acquisition brings a regulated securities infrastructure stack, including broker dealer, transfer agent, and investment advisory registrations, to MoonPay.
- North Capital’s PPEX ATS supports over $8.7 billion in transaction volume and connects to the Agora network, raising governance questions post-acquisition.
Crypto payments infrastructure firm MoonPay has agreed to acquire North Capital in an all-stock deal worth more than $60 million, according to Coindesk. The transaction, subject to regulatory approvals, would give MoonPay a regulated securities infrastructure stack as it expands beyond crypto into tokenized assets.
North Capital helps companies raise capital using exemptions and operates the PPEX ATS, an alternative trading system with more than 1,250 eligible securities that has supported over $8.7 billion in transaction volume. The firm also holds broker dealer, transfer agent, and investment advisory registrations.
MoonPay stated that the brokerage and advisory businesses would be added to its infrastructure platform. Consequently, the deal creates a vertically integrated group spanning securities trading, transfer agency, and payment rails.
Meanwhile, North Capital previously partnered with tokenized securities venue tZero to launch Agora, a network that connects alternative trading systems. Agora enables qualified institutional participants to discover and route orders across venues rather than being siloed in one marketplace, addressing the liquidity fragmentation that has held back private and tokenized securities markets.
The network went live with its first routed order in July and remains limited to qualified institutional participants. However, the acquisition raises questions about Agora’s governance, given that one of its two founding ATSs will now belong to a vertically integrated group that also owns a transaction router and payment rails.
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