MoonPay acquires Solana execution layer firm DFlow used by Coinbase, Phantom

MoonPay has acquired DFlow, a Solana-based execution layer, as the crypto on-ramp expands into trading infrastructure, according to a statement from Tuesday.

DFlow operates as a trading infrastructure platform designed to optimize trading, used by both Coinbase and Phantom. It has processed over $50 billion in cumulative trading volume, according to MoonPay, and processes roughly "10 million transactions per month with 99.9% token coverage on Solana."

"DFlow has become one of the most important pieces of trading infrastructure on Solana in just a year," MoonPay founder and CEO Ivan Soto-Wright said. "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."

Fortune first reported the sale on Tuesday, saying that the platform paid $100 million in stock to buy DFlow, citing anonymous sources. MoonPay declined to comment on the purchase price.

MoonPay's acquisition of DFlow signals that the popular crypto on-ramp, founded in 2019, aims to expand into trading infrastructure. While people often use MoonPay to convert fiat to crypto, DFlow's infrastructure has become an integral part of the Solana trading ecosystem.

"DFlow was built to solve one of the hardest problems in crypto: delivering reliable execution in a fragmented onchain environment," DFlow founder and CEO Nitesh Nath said. "Joining MoonPay allows us to scale that infrastructure globally and support a new generation of applications, from trading platforms to autonomous agents."

DFlow also has a footprint in the rapidly growing prediction markets space. The company created the only API that tokenizes Kalshi’s prediction markets on Solana, MoonPay said. With the API, every market on Kalshi's orderbook is represented by a Solana token that can be minted and settled by DFlow.