MoonPay acquires crypto key management company Sodot, launches Institutional Business Division

BlockBeats News, April 29th - Cryptocurrency payment company MoonPay announced the acquisition of Israeli cryptocurrency key management infrastructure company Sodot, and simultaneously launched a new business division targeting traditional financial institutions called MoonPay Institutional.

According to Bloomberg, the transaction was an all-stock acquisition, valuing Sodot at around $1 billion. Founded in 2023, Sodot focuses on MPC (Multi-Party Computation) and TEE (Trusted Execution Environment) technology, having safeguarded over 10 million wallets and over $500 billion in transactions, with clients including eToro and BitGo.

MoonPay stated that Sodot's infrastructure will become the core of its institutional business, catering to asset management firms, market makers, custodians, and wallet service providers among traditional financial clients.

MoonPay's Chief Legal Officer and former Acting Chairman of the U.S. CFTC, Caroline D. Pham, will serve as the CEO of Moon Global Markets, overseeing the newly established institutional business division.

MoonPay also noted that institutional demand is rapidly growing. Citing data, the company reported that stablecoin trading volume had reached $33 trillion by 2025, surpassing $28 trillion in the first quarter of 2026 alone. The current total market capitalization of stablecoins is approximately $320 billion.