MoonPay, a payments and crypto infrastructure company, has signed a definitive merger agreement to acquire North Capital Investment Technology, a private-markets platform that combines software with regulated brokerage and trading businesses. The acquisition transfers a functioning regulatory and operational stack for private and tokenized securities into MoonPay's ecosystem, subject to closing conditions.
North Capital supplies end-to-end private-markets infrastructure. That includes SEC-registered broker-dealers, a registered alternative trading system called PPEX, transfer-agent services and investment-advisory operations. The platform supports investor onboarding, subscription escrow, transaction processing, clearing and custody for exempt securities.
MoonPay says North Capital's platform has supported roughly $8.7 billion in primary and secondary transaction volume. PPEX, the alternative trading system, lists more than 1,250 approved assets for secondary trading. Those figures indicate an active infrastructure already serving issuers and investors in private markets.
Why this matters for tokenized securities
The agreement has been signed but the transaction has not closed. The deal remains subject to customary closing conditions. MoonPay has said the intent is to bring North Capital's regulated businesses into the wider group once the transaction completes, but the announcement does not provide a timeline for regulatory approvals or operational integration.
Practical takeaways for issuers and investors
- Issuers: Acquiring North Capital could shorten the time to market for tokenized private offerings by offering a combined issuance, transfer-agent and trading capability tied to on- and off-ramps.
- Investors: The presence of registered broker-dealers and an ATS implies a compliance framework for KYC, suitability and secondary trading that tokenized securities need to reach more traditional investors.
- Market builders: The deal highlights that tokenized real-world assets require both on-chain technology and established legal/operational market infrastructure.
The announcement does not detail integration timelines, the scope of regulatory approvals still required, or commercial terms disclosed in this summary. The companies have not stated how existing North Capital products will be rebranded or how MoonPay will package the combined services for institutional and retail customers.
MoonPay is acquiring an established private-markets infrastructure provider to add regulated issuance, custody and trading capabilities for private and tokenized securities. The acquisition is positioned to bridge MoonPay's existing fiat and crypto rails with traditional securities plumbing, but the transaction must close and pass any required regulatory approvals before those combined capabilities become available under MoonPay's control.