MoonPay has acquired DFlow, a Solana-based trading infrastructure platform, in a $100 million all-stock deal. DFlow has processed over $50 billion in transaction volume and provides liquidity aggregation services used by major players including Coinbase and Phantom. The deal is MoonPay's sixth acquisition in the past 18 months, signaling an aggressive push to build out full-stack crypto trading capabilities.
This deal deepens institutional infrastructure on Solana, reinforcing it as the preferred chain for high-throughput trading applications — a tailwind for SOL's valuation narrative. MoonPay gaining DFlow's client relationships with Coinbase and Phantom also positions it as a behind-the-scenes power player in retail crypto execution, which could drive fee revenue and ecosystem stickiness. Investors holding SOL or crypto infrastructure-adjacent positions should note this as further validation of Solana's dominance in the execution layer space.
Watch for MoonPay IPO or funding round announcements in Q3–Q4 2025, given the acquisition pace. Monitor Solana network activity metrics and DFlow integration announcements with existing MoonPay partners. Track any Coinbase or Phantom product updates that reference execution layer changes.
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