Cryptocurrency wallet company Exodus Movement (NYSE American: EXOD) is buying W3C Corp, the parent company of cryptocurrency card and payments companies Baanx and Monavate for $175 million, in a deal comprising cash on hand and funding from Galaxy Digital secured by Exodus’ Bitcoin holdings.
Baanx and Monavate have been working on crypto cards and self-custody Web3 payments with companies like Visa, Mastercard, and MetaMask. Overall, the deal allows Exodus to become one of the few self-custodial wallets that controls the end-to-end payments experience, from wallets to cards.
Exodus will assume ownership of the underlying card and payments stack and will 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 in the US, UK and EU, Exodus said on Monday.
The infrastructure is also expected to expand capabilities for enterprise customers whose customers transact through Exodus’ XO Swap app, the wallet firm said.
“Today’s announcement is an important 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 cryptocurrencies and dollar stablecoins. 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 expanding its reach into stablecoin-powered payments.
The economics of interchange, processing and program fees are expected to become a fundamental part of our payments 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 and recurring profit base aligned with the daily use of digital dollars, while continuing to allow Exodus to take advantage of the volatility of the cryptocurrency markets,” Gernetzke said.
The deal, which is subject to customary adjustments and approvals, is expected to close in 2026.
