MoonPay buys Solana execution layer DFlow

MoonPay announced Tuesday that it has acquired DFlow, a Solana-based execution layer used by wallets and exchanges including Coinbase and Phantom. MoonPay said DFlow has processed more than $50 billion in cumulative trading volume and handles roughly 10 million transactions per month with about 99.9% token coverage on Solana.

MoonPay described DFlow as a trading infrastructure platform that routes orders, optimizes execution across the Solana blockchain and integrates into wallets and exchanges to settle tokens and trades.

Ivan Soto-Wright, MoonPay's founder and CEO, described the effect of the acquisition this way: “By bringing their execution layer into MoonPay, we’re adding the speed, reliability, and scale needed to support everything from high-volume trading to the next generation of agent-driven financial applications.”

DFlow founder and CEO Nitesh Nath said the company was built to address execution challenges in a fragmented on-chain environment and that joining MoonPay will enable the firm to scale its infrastructure globally and support a range of applications from trading platforms to autonomous agents.

DFlow has a footprint in prediction markets. The company built an API that tokenizes Kalshi markets on Solana, representing each market on Kalshi’s orderbook as a Solana token that DFlow can mint and settle.

MoonPay, founded in 2019 and known for its fiat-to-crypto on-ramp, said the acquisition will let it expand into trading infrastructure and better serve high-volume trading needs and emerging applications that require fast on-chain execution.

Some reports put the purchase price at $100 million in stock. MoonPay declined to comment on the transaction value.