MoonPay buys Sodot for $100M, launches institutional unit

MoonPay has acquired Israeli crypto security firm Sodot in an all‑stock transaction valued at about $100 million. The deal closed in April. MoonPay will use Sodot’s self‑hosted key management system as the core infrastructure for a new institutional unit serving banks, asset managers, trading firms and exchanges entering digital‑asset markets.

The institutional arm will provide services across trading, tokenized securities, payments, wallet management and stablecoin issuance. MoonPay stated the unit will offer secure wallet and custody infrastructure for large traditional financial firms expanding into digital assets.

Sodot, founded in 2023 and based in Israel, develops key‑management infrastructure using multi‑party computation, or MPC. MPC splits a private key into separate shares held by multiple parties so no single share can recreate the full private key, reducing the risk of a single point of compromise.

MoonPay will make Sodot’s self‑hosted MPC the foundational security layer for institutional wallets and custody services. The company has not released additional financial details about how Sodot’s employees and technology will be integrated beyond the role of Sodot’s system as the infrastructure layer.

Caroline Pham will lead the institutional unit. Pham joined MoonPay in December as chief legal officer and chief administrative officer and previously served as acting chair of the U.S. Commodity Futures Trading Commission. MoonPay highlighted her experience in financial regulation and capital markets for the leadership role.

Ivan Soto‑Wright, MoonPay co‑founder and CEO, framed the institutional business as the next phase for the company. A company statement included the quote: “We built MoonPay to be the world’s leading crypto payments network.”

Demand for custody and key‑management services has risen as traditional financial firms move into digital assets. Custody providers and exchanges have developed off‑exchange settlement and segregated custody options to meet institutional requirements.

Sodot’s self‑hosted MPC is one of several cryptographic methods institutions use to protect private keys without relying solely on a single custodian or a hardware security module. MPC can allow operations such as signing transactions while keeping any single share insufficient to reconstruct the private key.

MoonPay began as a retail crypto payments network and has expanded its product offerings over time. The launch of the institutional unit marks the company’s effort to serve enterprise clients that require different compliance, operational and security features than retail customers.