Exodus is acquiring a payments infrastructure firm for $175 million, signaling its intent to transition from a digital wallet provider to a comprehensive platform for everyday cryptocurrency spending.
The definitive agreement to acquire W3C Corp and its subsidiaries, Baanx and Monavate, will allow Exodus to offer integrated crypto payment solutions. Users will be able to spend stablecoins directly from their Exodus wallet using cards issued on major networks such as Visa, Mastercard, and Discover.
This strategic move expands Exodus’s operational reach across the United States, the United Kingdom, and the European Union. It aims to integrate regulatory, issuance, and payment processing infrastructure in-house, reducing reliance on third-party providers.
JP Richardson, co-founder and CEO of Exodus, stated that the announcement is a significant step toward making self-custody and crypto payments practical for daily life. He emphasized that bringing card and payment infrastructure in-house closes the gap between holding and spending digital assets.
W3C Corp, based in the United Kingdom, operates Baanx.com Ltd. and Baanx US Corp., which provide card issuance and processing services. It also includes Monavate Holdings Ltd., specializing in regulatory compliance.
The integration is expected to allow Exodus to support a wider range of payment stablecoins. This comes as stablecoin payment volumes surged 70% between February and August 2025, with business-to-business transactions accounting for two-thirds of this growth.
For corporate clients, the acquisition will strengthen Exodus’s XO Swap service, which represented 37% of exchange provider volume in October, by adding programmable payments and customized card issuance.
The acquisition is being financed through a combination of Exodus’s available cash and a credit line backed by its Bitcoin holdings, provided by Galaxy Digital. Exodus previously extended a loan of $58.8 million to W3C to fund its acquisitions of Monavate and Baanx, with a potential additional $10 million for working capital.
The deal is projected to close in 2026, pending regulatory approvals and customary adjustments. This follows Exodus’s recent purchase of Grateful, a Uruguayan startup focused on stablecoin payments in Latin America.
James Gernetzke, Chief Financial Officer for Exodus, noted that the economics of interchange, processing, and program fees are expected to become a fundamental part of the company’s payments and transaction services business. The company aims to control the complete experience from the digital wallet to the point of sale.
On Monday, Exodus shares (EXOD) on the New York Stock Exchange closed up 3.62% at $15.18. However, the shares have seen significant declines over recent months, falling 40.3% in the last month and 56.6% in six months, reflecting broader volatility in the cryptocurrency sector.