Cryptocurrency company MoonPay, which focuses on digital asset payments and has over 30 million users worldwide, is buying Israeli startup Sodot for around $100 million.
Sodot has raised only $4.5 million in funding so far.
The companies said this deal will help build the technology for a new set of products for banks and asset managers.
This project will be led by Caroline D. Pham, who is MoonPay’s chief legal and administrative officer and was previously a commissioner at the CFTC.
Sodot has built technology that helps keep digital assets safe by managing keys in a secure way, without relying on a single weak point. It uses advanced encryption and runs directly on the client’s own systems. It also supports many different types of keys used to store and protect digital assets.
MoonPay runs a global payment system for digital assets. It serves users in over 180 countries and works with more than 500 business clients in the crypto and fintech industries.
“Sodot was built on the belief that keys are foundational to money movement, and that modern digital asset operations require infrastructure purpose-built for this need. Joining MoonPay gives us the scale to expand our reach and make our technology central to how financial institutions secure and move digital assets,” said Ido Sofer, CEO and Co-Founder of Sodot.
“We built MoonPay to be the world’s leading crypto payments network. Our institutional arm is the next stage, and together with Sodot’s infrastructure, it will allow us to bring this platform to companies now entering the digital asset space,” said Ivan Soto-Wright, CEO and Founder of MoonPay.
Sodot was started in 2023 by Ido Sofer, Shalev Keren, Matan Hamilis, and Elihai Turkel.
Together, they have over 20 years of combined experience in cryptography and cybersecurity. They have worked in different areas, including private companies, military intelligence units, universities, and the public sector.
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