Cryptocurrency wallet company Exodus Movement (NYSE American: EXOD) is buying W3C Corp, the parent company of crypto cards and payments companies Baanx and Monavate for $175 million, in a deal including cash and funding from Galaxy Digital secured by Exodus’ Bitcoin holdings.
Baanx and Monavate have worked on crypto cards and self-service Web3 payments with Visa, Mastercard and MetaMask. Overall, the deal allows Exodus to become one of the few self-custodial wallets to control the end-to-end payment experience, from wallets to cards.
Exodus will take ownership of the underlying cards and payments stack and be able to issue payment cards through networks including 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 the capabilities of enterprise clients whose customers transact through Exodus’ XO Swap application, the holding company said.
“Today’s announcement is a major milestone in our mission to make self-custody and crypto payments practical in everyday life,” said JP Richardson, CEO of Exodus. “People already trust Exodus to hold their dollar stablecoins and cryptocurrencies. By bringing the cards 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 that is 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 businesses, James Gernetzke, Exodus’ chief financial officer, said in a statement.
“These offerings will diversify our revenue streams as they help create a more predictable and recurring revenue base aligned with the everyday use of digital dollars, while continuing to allow Exodus to profit from the volatility of crypto markets,” Gernetzke said.
The agreement, which is subject to customary adjustments and approvals, is expected to be finalized in 2026.
