TLDR
- MoonPay acquired crypto key-management firm Sodot.
- The deal was reportedly worth about $100 million in stock.
- Sodot’s MPC technology will support MoonPay Institutional.
- Caroline Pham will lead the new institutional division.
- The unit targets banks, asset managers, trading firms and exchanges.
MoonPay has acquired crypto key-management infrastructure firm Sodot as part of a broader push into institutional digital asset services, expanding beyond its core retail payments business.
According to reports, the acquisition was structured as an all-stock deal valued at about $100 million. 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.
The new unit will be led by Caroline Pham, who joined MoonPay in December as chief legal officer and chief administrative officer after serving as acting chair of the U.S. Commodity Futures Trading Commission.
Sodot Adds Key-Management Infrastructure
Sodot, founded in 2023, builds security infrastructure for digital assets, including self-hosted multi-party computation technology. MPC divides private keys into separate fragments across different systems or parties, reducing the risk of a single point of failure.
MoonPay said Sodot has helped secure more than $50 billion in transactions and protected more than 10 million wallets. Its client base has included firms such as eToro, BitGo, Flow Traders, and Exodus.
The acquisition gives MoonPay internal technology for wallet control, transaction approvals, automated asset movement, and institutional security workflows.
MoonPay Institutional Targets Banks and Asset Managers
MoonPay Institutional is designed to provide regulated financial firms with tools for wallets, key management, custody, trading, collateral movement, stablecoin settlement, and compliance.
The company said the platform will offer 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.
The goal is to reduce the need for institutions to rely on multiple vendors when building crypto services. Large financial firms often require stronger custody controls, regulatory coverage, and operational security before entering digital asset markets.
Acquisition Extends MoonPay’s Enterprise Push
MoonPay is best known for crypto payment services that allow users to buy and sell digital assets through cards, bank transfers, and other payment methods. The company serves nearly 30 million customers and provides infrastructure to hundreds of firms.
The Sodot acquisition follows other MoonPay deals aimed at enterprise and payment infrastructure. The company previously acquired stablecoin infrastructure firm Iron, Solana payments company Helio, and payments startup Meso.
MoonPay also obtained a New York trust charter and BitLicense in late 2025, strengthening its position in custody and institutional trading.
The move comes as institutional crypto infrastructure becomes more competitive. Exchanges, custodians, and payment companies are building systems that allow large firms to access digital assets while keeping assets under stronger security and compliance controls.
