MoonPay Acquires DFlow in Push to Strengthen Solana Trading Capabilities
The acquisition brings onboard a Solana-focused trading infrastructure solution that has facilitated over $50 billion in transaction volume while consolidating liquidity from numerous trading venues.
DFlow, a Solana-based trading infrastructure provider that facilitates transaction routing and execution across various liquidity sources, has been purchased by MoonPay.
The specific financial details of the transaction remained undisclosed, although Fortune reported the acquisition was approximately valued at $100 million in equity, according to two individuals with firsthand knowledge of the transaction.
Since 2025, DFlow has facilitated over $50 billion in Solana trading volume, with more than $12 billion processed during the first quarter of 2026 alone, per Tuesday's announcement. The infrastructure platform serves in excess of 1 million users distributed across 500 different applications.
The platform consolidates liquidity from various Solana-based trading venues, enhancing trade execution throughout the settlement process to deliver better pricing and minimize transaction failures. At times of peak activity, trades routed through its system have appeared in the majority of Solana blocks, demonstrating its significance in network-wide trading operations.
According to the company, DFlow exceeded Jupiter, a Solana aggregator, in daily trading volume during November 2025. The platform additionally facilitates tokenized prediction markets, allowing for onchain contract representations connected to regulated trading venues like Kalshi.
As an infrastructure provider for converting between traditional fiat currencies and digital assets, MoonPay offers on- and off-ramp services, payment processing, and trading solutions. The company announced just last week its acquisition of Sodot, a specialized Israeli company focused on key management technology, as it continues its strategic expansion into institutional client services.
Crypto companies expand beyond payments into trading and infrastructure
The acquisition of DFlow by MoonPay represents the most recent development in an extensive trend of deal activity among cryptocurrency companies aiming to construct vertically integrated platforms encompassing trading, infrastructure, and comprehensive financial services.
Bitwise announced in February that it had completed the acquisition of Chorus One, a staking provider managing in excess of $2.2 billion in staked assets, thereby expanding its validator infrastructure spanning more than 30 blockchain networks and integrating staking capabilities directly into its operations.
Also on Tuesday, Bullish reached an agreement to purchase transfer agent Equiniti from Siris Capital through a $4.2 billion transaction, enabling the combination of investor recordkeeping services with trading and settlement operations, with future plans to offer round-the-clock markets and stablecoin-based payment systems.
Major cryptocurrency exchanges including Kraken and Coinbase have similarly pursued growth strategies through strategic acquisitions. Coinbase acquired LiquiFi in July, which was subsequently followed by the October purchase of Echo, incorporating tools designed for token ownership management, vesting schedules, compliance functions, and capital formation processes. The company finalized its acquisition of Deribit in August, thereby enhancing its derivatives product offerings.
Kraken, on the other hand, has concentrated its efforts on regulated trading infrastructure, completing the acquisition of NinjaTrader approximately one year ago and more recently purchasing derivatives venue Bitnomial in the past several weeks. Additionally, the company acquired The Small Exchange in October 2025. This US-regulated futures trading venue contributed exchange licensing capabilities to Kraken as the company continues developing its comprehensive derivatives infrastructure.