MoonPay Launches Institutional Division, Acquires Crypto Key Management Firm Sodot

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In brief - MoonPay acquired Sodot, a crypto key management infrastructure company, in an all-stock deal reportedly worth about $100 million. - The acquisition forms the foundation of MoonPay Institutional, a new division targeting financial institutions entering digital asset markets. - Caroline D. Pham, former acting CFTC Chairman and current MoonPay Chief Legal Officer, will lead the institutional business. MoonPay said Wednesday that it acquired Israeli crypto key management company Sodot and launched MoonPay Institutional, positioning the payment processor to serve traditional finance firms seeking digital asset infrastructure. While MoonPay didn’t disclose terms of the deal, Bloomberg reported that the all-stock deal values Sodot at about $100 million. Founded in 2023, the company has secured over $50 billion in transactions and protected more than 10 million wallets for clients including eToro and BitGo. Sodot specializes in self-hosted MPC and TEE products for institutional asset managers, market makers, custodians, and wallet providers. Caroline D. Pham, MoonPay's Chief Legal Officer and former acting CFTC Chairman, will lead the new institutional division as CEO of Moon Global Markets. "Boards and investors are asking management the same question: What is your digital asset strategy? MoonPay Institutional gives them the answer,” said Pham, in a statement. “A unified technology platform that supports any token, any chain, any wallet–and all with the flexibility to integrate into firms' existing systems.” Ivan Soto-Wright, CEO and Founder of MoonPay, described the institutional arm as "the next stage" for the company. "Together with Sodot's infrastructure, it will allow us to bring this platform to financial services firms now entering the digital asset space," he said. MoonPay's timing aligns with surging institutional demand for digital asset exposure. Stablecoin transaction volume reached $33 trillion in 2025, with Q1 2026 alone exceeding $28 trillion, according to the company. Total stablecoin market capitalization sits around $320 billion as of this writing, up about 50% since early last year. Goldman Sachs reports that 71% of institutional asset managers plan to increase their digital asset exposure over the next 12 months. Over two-thirds of institutional investors now want exposure to DeFi yields, according to Nomura Securities. The acquisition represents a strategic expansion for MoonPay beyond its core retail cryptocurrency payment services. "Sodot was built on the belief that keys are foundational to money movement, and that modern digital asset operations require infrastructure purpose-built for this need," said Ido Sofer, CEO and co-founder of Sodot. "Joining MoonPay gives us the scale to expand our reach and make our technology central to how financial institutions secure and move digital assets."

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