Hassan Maishera
TL;DR
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New York-listed Exodus Movement has struck a deal to acquire W3C Corp.
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The deal was completed for $175m and will boost Exodus’ crypto payment stack.
Exodus Acquires W3C to Boost Crypto Payment Stack
New York-listed self-custody wallet company Exodus Movement has agreed to acquire W3C Corp and its subsidiaries Baanx and Monavate in a deal worth $175 million. The acquisition signals Exodus’s expansion into crypto payments infrastructure.
While announcing this on Monday, Exodus stated that the deal is subject to regulatory approval and would allow the company to build an end-to-end payments stack, "from wallets to cards."
W3C is the parent entity of Baanx and Monavate, which offer card and payments infrastructure services for fintech and crypto clients.
The acquisition deal is set to be completed in 2026. Upon completion, Exodus would be in full control of its own full payment rails required to let users directly spend crypto, including U.S. dollar stablecoins.
The acquisition will also allow the company to issue payment cards through major networks, including Visa, Mastercard, and Discover. Thus, making it easier for Exodus to expand its operations in the U.S., Europe, and the U.K.
While commenting on the deal, JP Richardson, co-founder and CEO of Exodus, said,
"People already trust Exodus to hold their dollar stablecoins and crypto. 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 intends to finance the acquisition via existing cash reserves and its bitcoin-secured credit facility with Galaxy Digital.
This latest development comes three weeks after Exodus acquired the Uruguay-based Grateful, a startup offering stablecoin-based payments for merchants. The acquisition aims to expand Exodus’s presence in Latin America and provide services to gig workers and small businesses looking for faster, cheaper ways to get paid.
