The company will acquire end-to-end payments infrastructure, positioning it to become an on-chain payments giant
Exodus Movement, a leading self-custodial cryptocurrency platform, announced it has entered into a definitive agreement to acquire W3C Corp, the parent entity of Monavate Holdings Ltd. and its subsidiaries (collectively, “Monavate”) and Baanx.com Ltd. and Baanx US Corp (“Baanx”), two established providers of card and payments infrastructure serving fintech, crypto, and enterprise clients. The acquisition is subject to regulatory approvals.
Upon the closing of the acquisition, Exodus plans to enter the arena of on-chain payments to become one of the few self-custodial wallets to control the end-to-end payments experience, from wallets to cards.
Monavate and Baanx bring issuing, processing and regulatory capabilities that Exodus expects to integrate directly into its existing consumer and enterprise product suite. By way of this transaction, Exodus will assume ownership of the underlying card and payments stack, reducing its dependence on third-party providers and supporting a wider range of assets—including widely-used payment stablecoins. Exodus will also be positioned to issue payment cards via networks like Visa, Mastercard, and Discover, while broadening its geographic reach to support new products and partnerships across the US, UK, and the EU.
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“Today’s announcement is a major step in our mission to make self-custody and crypto payments practical for everyday life,” said JP Richardson, Co-Founder and Chief Executive Officer of Exodus. “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.”
Giving consumers and businesses a way to spend and store a wider selection of payment stablecoins allows the Company to capitalize on increased consumer demand. Stablecoin payment volumes increased by 70% from February to August 2025, with nearly two-thirds of the volume driven by B2B payments.
“The economics from interchange, processing and program fees are expected to become a foundational part of our payments and transaction services business,” said James Gernetzke, Chief Financial Officer of Exodus. “These offerings will diversify our revenue streams as they help build a more predictable, recurring earnings base aligned with everyday use of digital dollars, while continuing to allow Exodus to take advantage of the volatility of crypto markets.”
The infrastructure is also expected to expand the capabilities for enterprise clients whose customers transact through XO Swap. XO Swap customers will be able to add Baanx and Monavate capabilities for flexible payments solutions like embedded programmable payouts and turnkey card issuance. Already enabling partnerships with leaders like MetaMask and Ledger, XO Swap accounted for 37% of all exchange provider volume in October 2025, a percentage which remained steady from September.
The announcement closely follows Exodus’ acquisition of LATAM-based Grateful, a stablecoin payments orchestrator that extends its reach in stablecoin-powered payments. Together, this series of acquisitions will equip Exodus with the rails to roll out modern payment products for both consumers and merchants.
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