MoonPay Acquires Crypto Key-Management Firm Sodot For $100 Million, Launches MoonPay Institutional

MoonPay has acquired crypto key-management infrastructure firm Sodot and is using the technology as the foundation for a new institutional business, MoonPay Institutional.

“MoonPay Buys Sodot for $100 Million, Launches Institutional Unit Led by Caroline Pham Summary - MoonPay said it acquired Sodot in a deal valued at $100 million and is ramping up its institutional business”

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Multiple outlets tie the deal to a valuation of about $100 million, describing it as an all-stock transaction, with Bloomberg cited for the reported close in April.

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Cointelegraph frames the acquisition as a move into institutional crypto services supported by custody providers, noting that Sodot is “a platform focused on crypto key management infrastructure” and that it specializes in self-hosted multi-party computation (MPC).

Cointelegraph also quotes MoonPay’s Ivan Soto-Wright saying, “There is no one better suited to lead this business than Caroline, who brings decades of experience at the highest levels of financial regulation and capital markets,” attributed to Soto-Wright.

Cryptonews.net adds that MoonPay announced the acquisition of Sodot “using Sodot’s key management technology as the core infrastructure layer” of its new business for financial institutions and exchanges.

The Block similarly reports that MoonPay acquired Sodot and launched MoonPay Institutional, with Sodot’s technology becoming “the security foundation for the institutional platform,” and it lists the reported client protections as “more than $50 billion in transactions” and “more than 10 million wallets.”

MoonPay Institutional is positioned as a new division built for banks, asset managers, trading firms, and exchanges entering crypto markets, with leadership assigned to Caroline Pham.

CoinCentral says the acquisition was “structured as an all-stock deal valued at about $100 million,” and it adds that MoonPay said Sodot’s technology will serve as the security foundation for MoonPay Institutional, “a new division built for banks, asset managers, trading firms, and exchanges entering crypto markets.”

CoinCentral

Cointelegraph and crypto.news both describe Pham’s background, with Cointelegraph stating that she brings “decades of experience at the highest levels of financial regulation and capital markets,” and crypto.news identifying her as the person “who joined MoonPay in December as chief legal and administrative officer after previously serving as acting chair of the U.S. Commodity Futures Trading Commission.”

The Block similarly says the new unit “will be led by Caroline Pham, the former acting chair of the Commodity Futures Trading Commission,” and it describes her joining MoonPay in December as chief legal officer and chief administrative officer.

PR Newswire provides additional detail by naming Pham as “CEO of Moon Global Markets” and stating that she is a former acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC), while also saying she serves as MoonPay’s Chief Legal Officer and Chief Administrative Officer.

Decrypt quotes Pham directly, saying, “Boards and investors are asking management the same question: What is your digital asset strategy? MoonPay Institutional gives them the answer,” and it continues with her description of “A unified technology platform that supports any token, any chain, any wallet–and all with the flexibility to integrate into firms' existing systems.”

Sodot’s role in MoonPay Institutional centers on key management infrastructure, with outlets describing how the company’s cryptographic approach is meant to reduce operational risk for institutional wallets.

“MoonPay acquires Israeli crypto security firm Sodot in $100 million stock deal The acquisition gives MoonPay the security infrastructure for a new institutional business led by former CFTC Acting Chair Caroline Pham”

CoinDesk

Cointelegraph says Sodot is “a platform focused on crypto key management infrastructure, a critical part of safeguarding digital assets and operating institutional wallets,” and it specifies that the company “specializes in self-hosted multi-party computation (MPC), a cryptographic method that splits a private key into separate shares distributed across multiple independent parties to increase the security of funds.”

CoinCentral similarly explains that “MPC divides private keys into separate fragments across different systems or parties, reducing the risk of a single point of failure,” and it adds that MoonPay’s institutional offering will include “self-hosted MPC and TEE wallet infrastructure.”

PR Newswire expands on the product scope by saying Sodot “is a crypto key management company specializing in self-hosted MPC and TEE products” and that its platform enables “institutional asset managers, market makers, custodians and wallet providers to store, manage and govern their most sensitive keys - from private keys to API keys, with zero exposure and full control.”

The Block describes MoonPay Institutional as providing “one stack for wallets, key management, custody, execution, collateral movement, stablecoin settlement, and compliance rather than forcing them to stitch together multiple vendors,” and it lists the platform’s offerings including “self-hosted MPC and TEE wallet infrastructure” and “custody through its New York trust company.”

Pulse 2.0 adds that Sodot’s infrastructure is “self-hosted multi-party computation and trusted execution environment products” that give institutions “sovereign control over digital asset keys with zero third-party dependency,” and it states that the platform is audited by Trail of Bits, NCC Group, and Halborn and holds “SOC 2 Type 2 certification from EY.”

MoonPay Institutional is described as an integrated technology platform that spans wallet infrastructure, key management, custody, execution, collateral movement, stablecoin settlement, and compliance, with outlets emphasizing the goal of reducing the need for institutions to assemble multiple vendors.

CoinCentral says the new unit is designed to provide regulated financial firms with tools for wallets, key management, custody, trading, collateral movement, stablecoin settlement, and compliance, and it describes the platform as offering “self-hosted MPC and TEE wallet infrastructure, custody through its New York trust company, on-chain order routing, trade execution, cross-chain collateral mobility, OTC liquidity access, DeFi liquidity access, and stablecoin payment tools.”

Cointelegraph

The Block similarly says the central part of the acquisition is to provide regulated financial firms with “one stack” rather than stitching together multiple providers, and it lists “wallets, key management, custody, execution, collateral movement, stablecoin settlement, and compliance” as the components.

PR Newswire adds that MoonPay Institutional provides “integrated technology solutions that are natively on-chain and interoperable across multiple protocol networks,” and it states that it includes “KYC and compliance tools for the entire digital asset transaction flow from wallet infrastructure, custody, on-chain order routing and trade execution, and collateral operations to stablecoin settlement.”

Pulse 2.0 says the platform is designed to be “protocol and venue-agnostic,” with “KYC and compliance tools embedded across the full digital asset transaction flow,” and it specifies that it supports “aggregated OTC and DeFi liquidity across more than 200 chains and protocols” and “white-label stablecoin issuance and cross-border settlement in over 120 fiat currencies.”

In addition to the institutional stack, outlets connect MoonPay Institutional to broader stablecoin and DeFi demand figures, with PR Newswire citing “Stablecoin transaction volume reached $33 trillion in 2025, with Q1 2026 alone exceeding $28 trillion” and “total stablecoin market capitalization has surpassed $317 billion,” while CoinCentral and The Block cite Goldman Sachs and Nomura Securities figures about institutional plans to increase digital asset exposure and interest in DeFi yields.

The MoonPay-Sodot deal is presented as arriving during a broader institutionalization push in crypto infrastructure, with outlets pointing to other custody and settlement partnerships and to MoonPay’s own prior acquisitions.

“MoonPay acquires crypto security startup Sodot for around $100 million in all-stock deal MoonPay's acquisition of Sodot highlights its strategic shift towards serving institutional crypto needs with robust security”

Crypto Briefing

Cointelegraph says the acquisition comes “amid a growing trend of institutional services supported by crypto custody providers,” and it cites that “Last week, crypto exchange OKX integrated off-exchange settlement by BitGo,” while it also notes that “Previously, BitMEX partnered with European crypto custody firm Zodia Custody” for institutional derivatives trading with collateral held in segregated custody off-exchange.

Crypto Briefing

CoinCentral and The Block both describe MoonPay’s expansion through additional acquisitions, with CoinCentral listing that MoonPay previously acquired stablecoin infrastructure firm Iron, Solana payments company Helio, and payments startup Meso, and The Block repeating that it acquired Iron “in a deal worth at least $100 million,” bought Helio “for $175 million,” and later acquired Meso.

The Block also says MoonPay “picked up a New York trust charter and BitLicense in late 2025,” and PR Newswire similarly ties the institutional push to regulated infrastructure and compliance needs.

Cryptonews.net adds that Bloomberg reported the deal closed in April “in an all-stock transaction valued at around $100 million,” and it notes that MoonPay did not immediately respond to Cointelegraph’s request for comment to confirm details.

Finally, the deal’s mechanics and integration expectations are described differently across outlets: CoinCentral says the acquisition was “structured as an all-stock deal,” while CTech says “Sodot’s 15 employees will join MoonPay” and that the company is “expected to continue operating independently,” and Pulse 2.0 says “The full Sodot team, technology, and customer relationships will transfer to MoonPay, with existing clients receiving uninterrupted service.”