MoonPay has acquired Israeli crypto key management firm Sodot for an estimated $100 million in an all-stock deal. This acquisition establishes MoonPay Institutional, a new division aimed at providing digital asset infrastructure to traditional financial firms. The new unit will be led by MoonPay Chief Legal Officer Caroline D. Pham, former acting CFTC Chairman.
Sodot, founded in 2023, specializes in MPC and TEE products for institutional asset managers, market makers, custodians, and wallet providers. The company has secured over $50 billion in transactions and protected over 10 million wallets.
"MoonPay Institutional gives them the answer,” stated Pham, referring to the growing question from boards and investors about digital asset strategies. "A unified technology platform that supports any token, any chain, any wallet-and all with the flexibility to integrate into firms' existing systems.”
This strategic expansion by MoonPay comes amid surging institutional demand for digital assets. Goldman Sachs reports that 71% of institutional asset managers plan to increase their digital asset exposure in the next year. Sodot's technology is expected to be central to how financial institutions secure and move digital assets.