Key Takeaways:
- Moonpay acquired Israeli firm Sodot for $100 million in an all-stock deal closed in April 2026.
- Moonpay Institutional launched to provide regulated DeFi and stablecoin access to global asset managers.
- Former CFTC official Caroline Pham will lead the new unit to capture growing institutional crypto demand.
Caroline Pham Leads Moonpay Institutional Move Into Tokenized Asset Markets
The firm announced this week that it has acquired Sodot, an Israeli startup specializing in high-end cryptography and key management. The all-stock transaction, which finalized earlier this month, serves as the technological bedrock for the newly minted Moonpay Institutional business unit.
This strategic expansion signals a shift for Moonpay, moving from its roots as a retail-focused fiat-to- crypto gateway into a full-scale infrastructure provider for regulated financial entities. The move comes at a time when the “smart money” is no longer just looking at the door but walking through it.
According to recent Federal Reserve research, the stablecoin market cap has surged over 50% since early 2025, now commanding a valuation near $320 billion. Moonpay is clearly positioning itself to be the primary toll booth for this institutional traffic.
To lead this charge, Moonpay has tapped Caroline Pham as CEO of Moon Global Markets. Pham is a heavy hitter in the regulatory world, having previously served as the acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC). Her resume includes over 25 years in law and finance, with a decade spent navigating the digital asset maze at the highest levels of government and at Citigroup.
By bringing Pham on board, Moonpay is sending a clear message to Wall Street that it speaks the language of compliance. The company already holds a New York Limited Purpose Trust Company charter and a Bitlicense, providing the regulatory air cover necessary to handle custody for traditional firms. Pham noted that boards and investors are increasingly demanding a cohesive digital asset strategy, and Moonpay Institutional aims to be that turnkey solution.
The acquisition of Sodot provides the technical muscle to back up the regulatory credentials. Founded in 2023, Sodot utilizes Multi-Party Computation (MPC) and Trusted Execution Environment (TEE) products to secure digital keys. These tools allow institutions to manage private keys with zero third-party exposure, a non-negotiable requirement for firms handling billions in client capital.
Sodot has already proven its mettle in the private sector. The startup’s technology has secured more than $50 billion in transactions and protected over 10 million wallets for clients like Etoro and Bitgo. Now, the entire Sodot team will join Moonpay, and the company plans to further invest in its Israeli operations to tap into the region’s deep cryptography expertise.
Moonpay Institutional is designed to be a protocol-agnostic platform. It offers everything from wallet infrastructure and custody to trade execution and over-the-counter (OTC) liquidity. By providing a single API that connects to over 200 chains, Moonpay is attempting to solve the fragmentation problem that has long plagued institutional crypto adoption.
The timing of the launch aligns with a massive uptick in onchain activity. Stablecoin transaction volume reached a staggering $33 trillion in 2025, and the first quarter of 2026 alone saw over $28 trillion in volume. Large-scale asset managers are increasingly seeking exposure to decentralized finance ( DeFi) yields and tokenized real-world assets.
Moonpay CEO Ivan Soto-Wright believes the institutional arm is the natural evolution of the company. He noted that the combination of Sodot’s security and Moonpay’s scale will allow the firm to onboard the next wave of financial services firms entering the space.
As the industry matures, the line between traditional finance and decentralized protocols continues to blur. With $100 million in new tech and a former CFTC chief at the helm, Moonpay is betting big that the future of finance is onchain, regulated, and institutional.
