Crypto unicorn MoonPay acquires Israeli security startup Sodot for $100 million
The Israeli startup’s encryption tech will power MoonPay's new institutional offering.
Cryptocurrency company MoonPay, which specializes in digital asset payments and serves more than 30 million users worldwide, is acquiring Israeli startup Sodot in a deal valued at approximately $100 million. Sodot has raised just $4.5 million to date.
The startup’s investors include Entrée Capital, which led its Seed round, as well as CMT Digital and DCG, alongside angel investors Aharon Schnarch (former senior executive at Coinbase) and Ziv Gafni (former senior executive at J.P. Morgan Chase).
The companies said the acquisition will form the technological foundation for a new product line aimed at financial institutions and asset managers. The initiative will be led by Caroline D. Pham, chief legal officer and chief administrative officer at MoonPay and a former commissioner at the CFTC.
Upon completion of the deal, Sodot’s 15 employees will join MoonPay, while the company is expected to continue operating independently. Sodot will play a central role in developing MoonPay’s new institutional offering, while continuing to sell its existing products and expand its customer base. MoonPay also plans to deepen its investment in Sodot’s operations in Israel, citing the country’s expertise in cryptography and cybersecurity.
Sodot was founded in 2023 by Ido Sofer, Shalev Keren, Matan Hamilis, and Elihai Turkel. Together, the four founders bring more than 20 years of combined experience in cryptography and cybersecurity across the private sector, elite military intelligence units, academia, and the public sector.
Sodot has developed a key management infrastructure that enables the secure management of digital assets without a single point of failure, leveraging advanced cryptographic technology. Its products are deployed on the client side (on-premises) and support a broad range of key types used in digital asset custody today.
MoonPay operates a global payment infrastructure for digital assets, serving users in more than 180 countries and over 500 enterprise clients across the crypto and fintech sectors.
Sodot’s client base includes major digital asset companies, including public firms and large asset managers such as BitGo, Exodus, and Flow Traders. Its technology currently secures tens of billions of dollars and more than 10 million wallets.
“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.
