MoonPay has been on a dealmaking spree, making six acquisitions since the beginning of 2025. Those include the purchase of Solana-based payment processor Helio, the stablecoin infrastructure firm Iron, the payments startup Meso, and the crypto infrastructure firm Decent. Meanwhile, MoonPay revealed last week it has acquired crypto key management company Sodot and launched an institutional business unit with former acting CFTC chair Caroline Pham at the helm. 

With this latest acquisition, MoonPay is seeking to bolster its offerings for traders on Solana, which is known for its fast execution and low trading fees. 

DFlow raised $2 million in seed funding led by Multicoin and Framework Ventures in 2022 and drew another $5.5 million in a round led by Framework in 2023. 

“We’ve been building MoonPay around four pillars: fund, tokenize, trade, and spend,” MoonPay co-founder and CEO Ivan Soto-Wright told Fortune. MoonPay’s existing crypto ramp business, Iron, and Helio account for funding, tokenizing, and spending, and DFlow will add trading to the mix, he added.

The optimal path

In blockchain-based trading, a key part of the process is routing, which describes the path by which a given trade between buyer and seller is fulfilled. In some cases, the process might entail moving an asset across a half-dozen different trading venues in the blink of an eye in order to minimize so-called slippage, which describes the discrepancy between the price at which a customer places an order and the price at which it is ultimately fulfilled.  

Routers like DFlow use an algorithm to determine the optimal path for assets to take. DFlow also offers a user-facing trading interface known as a decentralized exchange aggregator. On a given crypto network, several routers are likely competing to win order flow by giving users the best price.

DFlow’s DEX aggregator has accounted for between 5 and 10% of Solana’s volume on such platforms over the past few months, according to data from crypto analytics firm Blockworks, but DFlow has also been expanding its market share on third party apps.

Earlier this week, Coinbase announced DFlow as its primary router for Solana-based trades. DFlow said that its router processed 60% of Solana trading volume on Coinbase in the past week. Solana infrastructure firm Jito will use DFlow’s router for its just-announced consumer trading app, a spokesperson for Jito told Fortune. In total, DFlow processed more than $12 billion in trading volume in Q1 of 2026, MoonPay and DFlow said in a press release. 

In MoonPay’s eyes, DFlow is the missing piece that can turn MoonPay into a full-stack crypto platform, or as Soto-Wright puts it, “the operating system for value.” While MoonPay currently remains a private company, the CEO said the company would eventually test the public markets. When it does so, its string of purchases will be instrumental in appealing to investors. 

“Every acquisition we’ve made over the past 18 months has been about strengthening the platform so that when we do take that step, we’re not just ready for the public markets, we’re defining the category,” Soto-Wright said.