Exodus will acquire W3C Corp, the parent company of Baanx and Monavate, for $175 million.
TL;DR
Exodus is acquiring W3C Corp, parent of Baanx and Monavate, for $175M to control the full payment experience from wallet to card. The deal, funded by cash and Galaxy Digital financing, will expand operations to the US, UK, and EU, with closure expected in 2026.
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According to ChainCatcher, citing CoinDesk, crypto wallet company Exodus Movement (NYSE American: EXOD) is acquiring W3C Corp, the parent company of cryptocurrency card and payment companies Baanx and Monavate, for $175 million.
The transaction is funded by the company's existing cash and financing provided by Galaxy Digital, secured by Exodus's Bitcoin holdings. Baanx and Monavate have been collaborating with institutions such as Visa, Mastercard, and MetaMask to develop cryptocurrency cards and user-controlled Web3 payment services. Overall, this transaction will make Exodus one of the few self-custody wallet providers capable of controlling the entire payment experience from wallet to card.
Exodus stated that it will take over the underlying card and payment technology stack, enabling it to issue payment cards through networks such as Visa, Mastercard, and Discover. It will also expand its operations to the US, UK, and EU to support new products and partnerships. Exodus further stated that this infrastructure is expected to enhance the capabilities of enterprise clients whose customers transact through Exodus' XO Swap application. The transaction is subject to standard adjustments and approval processes and is expected to close in 2026.