Exodus, the developer of the non-custodial wallet of the same name, is acquiring a complete payments solution stack as it aims to expand its presence in the cryptocurrency payments market.
Exodus Movement, Inc. announced the acquisition of W3C Corp, the parent company of Monavate and Baanx. Both services specialize in card issuance and payment processing, as well as payment solutions for FinTech companies, crypto platforms, and corporate clients. The deal is valued at $175 million, with closing expected in 2026 pending regulatory approvals.
The acquisition will allow Exodus to build its own on-chain payment infrastructure, transforming its wallet into a full-fledged payment service by consolidating card issuance, processing, custodial services, and necessary regulatory licenses, while also reducing reliance on external service providers.
Exodus will gain the ability to issue payment cards under Visa, Mastercard, and Discover, expand its presence in the U.S., U.K., and EU, and add support for a broader set of assets, including payment stablecoins.
Integrating Baanx and Monavate solutions will also enhance XO Swap, Exodus’s infrastructure for exchange operations. Clients will be able to use built-in payouts, programmable settlements, and launch their own turnkey card programs. In October 2025, XO Swap accounted for 37% of all volume among exchange providers, maintaining its September share.
Exodus CEO JP Richardson emphasized the strategic importance of the deal, which will allow the company to make everyday crypto payments accessible and convenient by combining storage and spending in one service. Exodus CFO James Gernetzke noted that the new services will become a key pillar of the payment business while preserving the potential for revenue driven by crypto market volatility.
According to Exodus, stablecoin payment volume grew by 70% between February and August 2025, with nearly two-thirds of operations coming from the B2B segment. The new infrastructure will allow the company to monetize interchange fees, processing, and payment programs, creating more stable and predictable revenue streams.
The deal follows the recent acquisition of Grateful, a stablecoin payments provider in Latin America, strengthening Exodus’s position in the crypto payments segment for both businesses and consumers.
In May 2025, Exodus, in partnership with Baanx, launched a crypto debit card supporting USDT and USDC on the Mastercard network.
