MoonPay has acquired Israeli crypto key management firm Sodot in a reported $100mn all-stock deal to launch MoonPay Institutional, a new unit targeting traditional finance (TradFi) players.
MoonPay Taps Ex-CFTC Chair Pham To Lead Institutional Push via Sodot Acquisition
29 April 2026 - 18:30 CEST
The division will be led by Caroline D. Pham, former acting chair of the US Commodity Futures Trading Commission (CFTC) and MoonPay's chief legal and administrative officer.
The acquisition integrates Sodot's advanced self-hosted multi-party computation (MPC) and trusted execution environment (TEE) technology, which has already secured over $50bn in transactions and protected more than 10mn wallets for clients including eToro (ETOR), BitGo, Flow Traders and Exodus (EXOD). MoonPay Institutional aims to provide enterprise-grade infrastructure for asset managers, banks, hedge funds and exchanges entering digital assets.
High-profile leadership appointment
Pham, who joined MoonPay in late 2025 after her CFTC role, brings 25 years of experience in law, finance and technology. As acting CFTC chair, she advanced derivatives market reforms, founded the agency's Crypto Sprint, and implemented spot crypto trading on regulated exchanges. She will serve as CEO of Moon Global Markets while overseeing the new institutional business.
Ivan Soto-Wright, CEO and founder of MoonPay, said: "Our institutional arm is the next stage, and together with Sodot's infrastructure, it will allow us to bring this platform to financial services firms now entering the digital asset space. There is no one better suited to lead this business than Caroline."
Deal structure, strategic rationale
The all-stock transaction, announced and closed on 29 Apr, brings Sodot's entire team, technology and customer relationships into MoonPay. Existing Sodot clients will continue to be served, while MoonPay plans to expand operations in Israel to leverage the region's cryptography expertise.
Sodot, founded in 2023 by Ido Sofer, Shalev Keren, Matan Hamilis, and Elichai Turkel, specializes in secure key management solutions. Its platform enables self-hosted control over private keys and API credentials with zero third-party exposure.
Market context, competitive positioning
The deal comes as institutional demand continues to grow. Over two-thirds of institutional investors seek DeFi yield exposure, and 71% of asset managers plan to increase crypto allocations over the next year, according to Nomura Securities and Goldman Sachs surveys. Stablecoin transaction volume reached $33tn in 2025, exceeding $28tn in Q1 2026 alone, with market capitalization surpassing $317bn.
The new division sets MoonPay against established players like Coinbase Institutional and Fireblocks in the race for TradFi inflows. While competitors focus on specific niches – custody or payments – MoonPay combines its consumer-scale payments network with Sodot's security layer and Pham's regulatory expertise to offer a unified bridge.
Forward-looking revenue potential
MoonPay, valued at around $5bn and powering ramps for over 30mn customers and 500 enterprise partners, holds key permits, including a New York BitLicense and EU MiCA authorization. The company is also reportedly in talks for fresh capital from Intercontinental Exchange (ICE), owner of the New York Stock Exchange.
