MoonPay has acquired Decent.xyz, a cross-chain routing and liquidity provider backed by Y Combinator, in a deal valued in the eight-figure range, according to a person familiar with the matter. The purchase marks MoonPay’s fourth acquisition this year and comes alongside the launch of MoonPay Trade, a new institutional-focused trading and settlement platform.
New institutional platform: moonpay trade
MoonPay Trade is a unified API built to provide institutional-grade onchain execution, settlement, conversion, and payments across more than 200 blockchains and protocols.
The platform combines Decent’s cross-chain routing algorithms and liquidity layers with MoonPay’s existing fiat on-and-off ramps and compliance infrastructure. It is designed to give entities such as banks, asset managers, and fintech firms a single, compliant access point to blockchain-based markets.
MoonPay positions the service as a core component of its broader institutional strategy to create an integrated digital asset infrastructure stack. The system is intended to support end-to-end workflows, from trade execution through to settlement across both crypto and over 120 fiat currencies.
Regulatory focus under former cftc chief
The institutional initiative is being led by chief legal officer Pham, who previously served as a commissioner and later acting chair at the U.S. Commodity Futures Trading Commission.
Pham, who joined MoonPay in 2025, oversees legal and regulatory strategy, signaling a focus on building products that align with institutional compliance requirements. Her background, including a CFTC enforcement approach centered on fraud and market abuse, is intended to help position the firm as a regulatory-aware counterparty for institutions that favor registered or regulated structures over direct spot exposure.
Acquisition spree builds integrated crypto stack
The Decent.xyz deal extends a multi-year acquisition campaign aimed at consolidating key pieces of crypto infrastructure under one roof.
In recent months, MoonPay has bought DFlow, Dawn, and Sodot to deepen its capabilities across liquidity, execution, and infrastructure services. The acquisition of Sodot earlier in 2026 was a key step in launching MoonPay Institutional, which went live in April.
In 2025, MoonPay completed acquisitions of Meso, Iron, and Helio, expanding into stablecoin rails, payment infrastructure, and trading technology. Together, these deals are intended to support an integrated offering that covers:
- fiat and crypto on-and-off ramps
- key management and custody tooling
- liquidity provision and routing
- trading and settlement infrastructure
Decent’s evolution from music nfts to cross-chain routing
Founded in 2021, Decent initially entered the market as a music NFT platform. It later pivoted to cross-chain technology and liquidity solutions, developing decentralized transaction routing tools and interfaces aimed at simplifying user interaction across multiple blockchains.
These routing capabilities now sit at the core of MoonPay Trade, addressing one of the structural challenges of onchain markets: liquidity scattered across hundreds of blockchains and protocols.
Market context: consolidation and interoperability
The transaction comes during a period of consolidation in the digital asset infrastructure sector, as firms seek scale and integrated service offerings.
The market for cross-chain and interoperability services is expanding, with the global cross-chain bridge market projected to exceed $3.5 billion in 2026 as more institutions adopt multi-chain strategies. Protocols such as Wormhole, which has processed over $68 billion in transfer volume, highlight the demand for moving assets between disparate blockchain ecosystems.
At the same time, the tokenized asset market has grown to more than $25 billion in onchain value, increasing demand for compliant, high-capacity execution and settlement rails connecting traditional finance with decentralized venues.
Impact on market structure and liquidity
MoonPay’s strategy, culminating in the Decent.xyz acquisition and MoonPay Trade launch, aims to collapse fragmented liquidity into a single point of access. For market participants, this could reduce the need to connect directly with multiple decentralized exchanges and bridges.
This consolidation trend is reshaping market structure in several ways:
- liquidity and execution are concentrating within a smaller number of infrastructure providers
- a single, compliant API could become the main interface for accessing multi-chain liquidity
- efficiency, reliability of execution, and regulatory alignment may become more important differentiators than raw token coverage
If successful, these integrated platforms could increase capital efficiency by making previously isolated liquidity on different chains accessible through one hub. Traders may see changes in asset pricing, spreads, and depth across blockchains as routing engines optimize order flow.
Market participants are likely to monitor how such consolidated infrastructure affects competition among exchanges and bridges, as well as how it influences trading costs and execution quality across the broader digital asset ecosystem.
Institutions exploring unified onchain execution should also explore Toobit’s powerful institutional gateway via TradeFi integration for seamless crypto access.
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