Crypto Wallet Firm Exodus Buys Baanx and Monavate for $175M

Crypto Wallet Firm Exodus Buys Baanx and Monavate for $175M

The U.S.-listed wallet provider is acquiring W3C Corp, the parent company of crypto card and payments firms Baanx and Monavate.

What to know:

The $175 million deal to acquire W3C comprised of cash on hand and financing from Galaxy Digital, secured by Exodus’ Bitcoin holdings.

Exodus will be positioned to issue payment cards via networks like Visa, Mastercard and Discover.

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Cryptocurrency wallet firm Exodus Movement (NYSE American: EXOD) is buying W3C Corp, the parent company of crypto card and payments firms Baanx and Monavate for $175 million, in a deal comprising cash on hand and financing from Galaxy Digital secured by Exodus’ Bitcoin holdings.

Baanx and Monavate have been working on crypto cards and self-custody Web3 payments with the likes of Visa, Mastercard and MetaMask. Broadly speaking, the deal allows Exodus to become one of the few self-custodial wallets to control the end-to-end payments experience, from wallets to cards.

Exodus will assume ownership of the underlying card and payments stack and be positioned to issue payment cards via networks like Visa, Mastercard and Discover, while broadening its geographic reach to support new products and partnerships across the U.S., UK and the EU, Exodus said on Monday.

The infrastructure is also expected to expand the capabilities for enterprise clients whose customers transact through Exodus’ XO Swap application, the wallet firm said.

“Today’s announcement is a major step in our mission to make self-custody and crypto payments practical for everyday life,” said Exodus CEO JP Richardson. “People already trust Exodus to hold their dollar stablecoins and crypto. By bringing card and payments infrastructure in-house, we are 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 payments orchestrator that extends its reach in stablecoin-powered payments.

The economics from interchange, processing and program fees are expected to become a foundational part of our payments and transaction services business, said James Gernetzke, Chief Financial Officer of Exodus, in a statement.

“These offerings will diversify our revenue streams as they help build a more predictable, recurring earnings base aligned with everyday use of digital dollars, while continuing to allow Exodus to take advantage of the volatility of crypto markets,” Gernetzke said.

The deal, which is subject to customary adjustments and approvals, is expected to close in 2026.