Exodus, a crypto wallet company, is planning to expand beyond its service by entering the on-chain payments market.
The company announced a $175 million agreement to purchase W3C Corp, which owns the payment firms Monavate and Baanx.
The deal will allow Exodus to manage more parts of the payment process itself. With Monavate and Baanx joining its group, the company hopes to combine asset storage, payment processing, and card issuance within a single platform.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Non-custodial Wallet: Why Do You Need It Right NOW
CEO JP Richardson explained:
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 company will integrate issuing, processing, and compliance systems into its consumer and business products. The acquisition is also expected to give Exodus the ability to issue payment cards through Visa, Mastercard, and Discover.
To fund the acquisition, Exodus will rely on its existing cash and a credit line with Galaxy Digital, secured by its Bitcoin
An additional $10 million may be provided for ongoing operations. The transaction is expected to be finalized in 2026.
According to Chief Financial Officer James Gernetzke, revenue from card fees, processing, and related services will play a central role in Exodus’s future payment business.
The hardware wallet Ledger recently considered listing its shares in New York. What did Chief Executive Pascal Gauthier say? Read the full story.
