Exodus, the NYSE-listed crypto wallet provider, has announced a major strategic shift with plans to acquire W3C Corp — the parent firm of payments companies Monavate and Baanx — in a deal valued at approximately $175 million.
The move signals Exodus’s ambition to expand from self-custody wallet services into full-scale payment infrastructure, positioning the company as one of the few crypto platforms aiming to control every layer of the payments stack.
“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,” CEO JP Richardson said.
The acquisition gives Exodus access to card issuance, compliance tools and payment processing technology for Visa, Mastercard and Discover programs.
Expanding Infrastructure With In-House Payment Tools
Exodus plans to integrate Monavate and Baanx directly into its consumer and enterprise offerings.
By doing so, the company aims to reduce reliance on third-party processors and unlock support for a wider range of digital assets, including popular payment stablecoins.
The deal also enhances the capabilities of XO Swap, the company’s onchain exchange aggregator.
Using Monavate and Baanx’s programmable payout tools, Exodus expects to streamline card issuance for users globally.
This marks the company’s second major expansion move in recent months, following its acquisition of Grateful, a Latin American stablecoin payments startup.
Bitcoin Reserves Used to Finance the Deal
To fund the acquisition, Exodus will combine cash reserves with a credit facility from Galaxy Digital.
The loan is backed by the company’s Bitcoin holdings, which have appreciated significantly during the market’s latest rally.
So far, Exodus has already loaned $58.8 million to W3C to facilitate its acquisitions of Monavate and Baanx.
The company may extend an additional $10 million to support short-term operating needs.
The final closing of the Exodus–W3C acquisition is expected to occur in 2026.
“The economics from interchange, processing and program fees are expected to become a foundational part of our payments and transaction services business,” said chief financial officer James Gernetzke.
Industry Context: Stablecoins and Blockchain Payments Accelerate
The acquisition comes at a time when traditional payment networks are rapidly integrating crypto-native technology.
Visa recently began testing a cross-border settlement system using USDC and EURC, allowing institutions to pre-fund international transfers more efficiently.
Meanwhile, Swift is collaborating with Consensys and over 30 global financial institutions on a blockchain-based settlement system designed to enable near-instant cross-border payments.
These developments demonstrate growing alignment between major financial networks and blockchain-based payments — a trend that could benefit Exodus’s long-term push into the sector.
A Strategic Bet on Crypto Payment Adoption
If the integration succeeds, Exodus could become one of the first major self-custody wallets to unify crypto storage, crypto spending and card issuance under one brand.
This would place it in direct competition with centralized exchanges and fintech firms that currently dominate crypto payments.
The company believes that controlling more of the payment architecture will allow faster product development and improved user experience.
While the acquisition won’t close until 2026, the announcement alone has boosted market sentiment.
Exodus shares rose 3.6% following the news.
As payment networks and blockchain rails converge, Exodus’s move signals its intent to become a central player in the evolving digital money ecosystem.
