MoonPay Buys North Capital ~$60M: Onchain Private Markets ATS

MoonPay signed a definitive Sept 23, 2026 merger agreement to acquire North Capital Investment Technology — the private-markets platform behind SEC-registered broker-dealers, the PPEX alternative trading system, a transfer agent, and an investment adviser — so North Capital becomes a wholly owned MoonPay subsidiary subject to regulatory approvals.In this OnlyFintechs episode we unpack why a crypto payments giant is buying brokerage + ATS + custody rails for exempt and tokenized securities (not just another on-ramp), the $8.7B+ primary/secondary volume and 1,250+ PPEX assets North Capital brings, how CoinDesk’s ~$60M all-stock figure sits vs the dollar-silent company PR, and how this same-day private-markets stack buy differs from NYSE × Blockchain.com’s public-equities distribution MOU (S2E11).What you’ll learn:MOU/explore vs signed merger (still subject to regulatory approvals)Which SEC registrations travel with the deal (BD, PPEX ATS, transfer agent, IA)Tokenized RWA ambition vs live product claimsPrivate/exempt securities stack vs S2E11’s public-equities tokenized distribution MOUWhat still needs approvals before closeKeywords: MoonPay, North Capital, PPEX ATS, tokenized securities, RWA, private markets, broker-dealer, FINRA, SEC, onchain capital markets, fintech M&A#MoonPay #NorthCapital #Tokenization #RWA #PPEX #ATS #PrivateMarkets #Fintech #PodcastDrop0:00 Intro: private markets still run on paperwork1:50 MoonPay, North Capital and the deal3:42 What MoonPay is buying: the regulatory stack7:46 Regulatory risk and the tokenization goal9:33 How a transfer agent links tokens to ownership11:53 Who it's for: MoonPay's institutional push13:58 What it means