MoonPay Acquires Sodot to Launch Institutional Crypto Infrastructure Division

MoonPay is making a major push into institutional crypto infrastructure.

The company announced the acquisition of Sodot, the security and key management startup that has secured more than $50 billion in transactions and protected over 10 million wallets for firms including eToro, BitGo, Flow Traders, and Exodus Movement.

The deal also marks the official launch of MoonPay Institutional — a new division designed to provide banks, asset managers, trading firms, and fintech companies with infrastructure for digital assets, stablecoins, tokenized securities, DeFi access, and cross-chain settlement.

Leading the initiative is Caroline D. Pham, former acting Chairman of the U.S. Commodity Futures Trading Commission and current CEO of Moon Global Markets.

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MoonPay Moves Beyond Consumer Crypto Payments

While MoonPay became widely known for its consumer-facing crypto payment ramps, the company is now positioning itself deeper within the infrastructure layer powering institutional adoption.

The timing reflects a rapidly changing market.

Institutional demand for stablecoins, tokenized assets, and DeFi exposure has accelerated sharply over the past year as traditional finance firms look for compliant ways to access blockchain-based financial systems.

According to data cited by MoonPay, stablecoin transaction volume reached $33 trillion in 2025, while total stablecoin market capitalization has surpassed $317 billion.

Research from Goldman Sachs also suggests that 71% of institutional asset managers plan to increase digital asset exposure over the next 12 months.

Instead of forcing institutions to piece together separate custody, settlement, liquidity, and compliance providers, MoonPay Institutional aims to package those services into a unified stack.

That includes:

• Institutional custody infrastructure

• Self-hosted MPC and TEE key management

• Cross-chain collateral mobility

• Stablecoin issuance infrastructure

• Onchain trade execution and routing

• Aggregated OTC and DeFi liquidity

• Compliance and KYC tooling

The company says the infrastructure is designed to remain protocol-agnostic and interoperable across multiple blockchain ecosystems.

Why Sodot Matters

At the center of the acquisition is Sodot’s security infrastructure.

Founded in 2023, the Israeli startup built specialized key management systems for institutional crypto operations, focusing on MPC (multi-party computation) and TEE (trusted execution environment) technology.

In practice, the platform allows firms to securely manage private keys, API credentials, and trading infrastructure without exposing sensitive data to third parties.

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That problem has become increasingly important as institutions expand across multiple exchanges, liquidity venues, custodians, and automated trading systems simultaneously.

Sodot’s infrastructure has already been adopted by several major crypto-native firms, including Flow Traders, and has undergone audits from security firms including Trail of Bits, NCC Group, and Halborn.

MoonPay says the full Sodot team, technology stack, and customer relationships will now operate under the MoonPay Institutional umbrella.

Caroline Pham to Lead Institutional Expansion

The appointment of Caroline D. Pham signals how aggressively MoonPay is targeting regulated financial markets.

Before joining MoonPay, Pham spent years inside traditional finance and regulation, including executive roles at Citigroup and leadership positions at the CFTC, where she pushed initiatives tied to digital asset market structure, perpetual contracts, tokenized collateral, and stablecoin guidance.

“Boards and investors are asking management the same question: What is your digital asset strategy?” Pham said in the announcement. “MoonPay Institutional gives them the answer.”

The broader strategy appears clear: MoonPay is no longer positioning itself solely as a crypto payments company. It is increasingly building toward becoming a full-stack infrastructure provider connecting traditional financial institutions with stablecoins, tokenized assets, DeFi liquidity, and onchain financial rails.

As institutional adoption accelerates globally, companies controlling the underlying infrastructure layer may ultimately become some of the most important players in the next phase of the digital asset economy.