Moonpay buys Sodot for $100M, names Caroline Pham

Moonpay completed an all-stock acquisition of Israeli cryptography startup Sodot in April 2026 for $100 million and will add the Sodot engineering team to its operations.

Moonpay said Sodot’s cryptography and key-management technology will form the technical foundation of a new unit, Moonpay Institutional, which aims to offer regulated decentralized finance, stablecoin and tokenized-asset services to large financial firms.

Founded in 2023, Sodot uses Multi-Party Computation (MPC) and Trusted Execution Environment (TEE) technology to secure private keys without exposing them to third parties. The company told Moonpay its systems have protected more than 10 million wallets and secured over $50 billion in transactions for clients including Etoro and Bitgo.

Moonpay Institutional is being built as a protocol-agnostic platform providing wallet infrastructure, custody, trade execution and over-the-counter liquidity through a single application programming interface that connects to more than 200 blockchains.

The deal was structured as an all-stock purchase and finalized earlier in April. Moonpay said it will keep the full Sodot team and expand its engineering presence in Israel to leverage local cryptography expertise.

Moonpay holds a New York Limited Purpose Trust Company charter and a BitLicense, credentials the company says allow it to offer custody and other regulated services to traditional financial firms.

Caroline Pham will lead the institutional unit as chief executive of Moon Global Markets. Pham previously served as acting chair of the U.S. Commodity Futures Trading Commission and has more than 25 years of experience in law and finance, including senior roles at Citigroup and government positions.

Moonpay cited Federal Reserve research showing the stablecoin market cap rose more than 50% since early 2025 to about $320 billion. The company also referenced stablecoin transaction volume of roughly $33 trillion in 2025 and over $28 trillion in the first quarter of 2026.

Ivan Soto-Wright, Moonpay’s chief executive, said combining Sodot’s security technology with Moonpay’s scale will allow the company to support traditional financial services firms entering digital-asset markets. Moonpay said it will continue investing in infrastructure and compliance as it integrates Sodot’s technology and staff into its global operations.