Cryptocurrency wallet company Exodus Movement (NYSE American: EXOD) is buying W3C Corp, parent of crypto card and payment companies Baanx and Monavate, for $175 million in a deal that includes cash on hand and funding from Galaxy Digital secured by Exodus’ Bitcoin holdings.
Baanx and Monavate have worked on crypto cards and Web3 payments with self-storage with e.g. Visa, Mastercard and MetaMask. Broadly speaking, the deal allows Exodus to become one of the few self-sufficient companies to control the end-to-end payment experience, from wallets to cards.
Exodus will take ownership of the underlying cards and payments stack and be positioned to issue payment cards through networks such as Visa, Mastercard and Discover, while expanding its geographic reach to support new products and partnerships across the US, UK and EU, Exodus said on Monday.
The infrastructure is also expected to expand options for corporate clients whose customers trade through Exodus’ XO Swap application, the wallet company said.
“Today’s announcement is an important step in our mission to make self-service and crypto payments practical in everyday life,” said Exodus CEO JP Richardson. “People already trust Exodus to hold their dollar stablecoins and crypto. By bringing card and payment infrastructure in-house, we’re closing the gap between holding and spending and positioning Exodus as the only platform you need for your money.”
The announcement closely follows Exodus’ acquisition of LATAM-based Grateful, a stablecoin payment orchestrator expanding its reach in stablecoin-powered payments.
The economics of exchange, processing and program fees are expected to become a fundamental part of our payment and transaction services business, James Gernetzke, Chief Financial Officer of Exodus, said in a statement.
“These offerings will diversify our revenue streams as they help build a more predictable, recurring revenue base aligned with daily use of digital dollars while continuing to allow Exodus to benefit from the volatility of the crypto markets,” Gernetzke said.
The deal, which is subject to customary adjustments and approvals, is expected to close in 2026.
