MoonPay buys crypto security firm Sodot in $100M push into institutional crypto

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Source: MoonPay “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,” Soto-Wright said. Founded in 2023, Sodot is a platform focused on crypto key management infrastructure, a critical part of safeguarding digital assets and operating institutional wallets. 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. Related: Fireblocks launches tool for institutions to earn yield on stablecoins The acquisition comes amid a growing trend of institutional services supported by crypto custody providers. Last week, crypto exchange OKX integrated off-exchange settlement by BitGo, a publicly traded digital asset custodian. Previously, BitMEX partnered with European crypto custody firm Zodia Custody to enable institutional crypto derivatives trading, with collateral held in segregated custody off-exchange. Magazine: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M

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