MoonPay has acquired Sodot, a management infrastructure company with clients including eToro, BitGo, Flow Traders, and Exodus.
The acquisition forms the foundation of MoonPay Institutional, MoonPay’s new business serving financial institutions, asset managers, trading firms and exchanges entering digital asset markets. It provides a technology infrastructure platform that enables access to the digital asset and DeFi ecosystem for services across banking, payments, trading, wealth management and treasury products.
MoonPay Institutional will be led by Caroline D. Pham, CEO of Moon Global Markets and former acting chairman of the U.S. Commodity Futures Trading Commission (CFTC). Pham also serves as MoonPay’s chief legal officer and CAO, and is an independent board director of CoinShares PLC.
More than two-thirds of institutional investors now want exposure to DeFi yields, according to Nomura Securities. Stablecoin transaction volume reached $33 trillion in 2025, with Q1 2026 alone exceeding $28 trillion, and total stablecoin market capitalization has surpassed $317 billion, growing over 50% since early 2025, according to Federal Reserve research. According to Goldman Sachs, 71% of institutional asset managers plan to increase their digital asset exposure over the next 12 months.
MoonPay Institutional provides integrated technology solutions that are natively on-chain and interoperable across multiple protocol networks, with KYC and compliance tools for the entire digital asset transaction flow from wallet infrastructure, custody, on-chain order routing and trade execution, and collateral operations to stablecoin settlement. Client solutions are available through direct integration, embedded, or white-label products. Sodot’s infrastructure will serve as the secure key management foundation of MoonPay Institutional’s technology stack.
Sodot acquisition
Sodot is a crypto key management company specializing in self-hosted MPC and TEE products. Sodot’s platform enables institutional asset managers, market makers, custodians and wallet providers to store, manage and govern their most sensitive keys – from private keys to API keys, with zero exposure and full control.
Pham brings 25 years of experience across law, finance and technology, including more than a decade in digital assets. As acting CFTC chairman, she advanced derivatives market structure, including perpetual contracts, 24/7 trading, and prediction markets. She also launched the CFTC’s Crypto Sprint, implementing the first-ever spot crypto trading on U.S. federally regulated exchanges, a digital asset pilot program, tokenized collateral, and stablecoins guidance and the CFTC Crypto CEO Forum and CEO Innovation Council. Previously, Pham was a managing director at Citigroup, holding global executive roles in the firm’s chief administrative office, institutional clients group, legal, and compliance.
