Exodus Movement has signed a definitive agreement to acquire W3C Corp, the parent company of payments firms Monavate and Baanx, in a $175 million transaction designed to bring card issuing and processing in-house and build an end-to-end crypto payments stack. The deal, financed with cash on hand and a facility from Galaxy Digital secured by Exodus’ Bitcoin holdings, is expected to close in 2026 pending regulatory approvals in the U.S., U.K., and EU.
Deal terms and financing
- Purchase price: $175 million
- Financing: Cash on hand and financing from Galaxy Digital, secured by Exodus’ Bitcoin holdings
- Regulatory timeline: Closing projected in 2026, subject to approvals in the U.S., U.K., and EU
- Card networks: Exodus expects to issue payment cards via Visa, Mastercard, and Discover once integrated
Building an end‑to‑end payments stack
Exodus said the acquisition would enable it to control card issuing and processing capabilities “from wallets to cards,” reducing reliance on third parties and bringing payments infrastructure in-house. W3C’s subsidiaries, Monavate and Baanx, provide card issuance and payments processing that Exodus plans to integrate with its self-custody wallet and exchange offerings.
The company aims to expand support for additional digital assets after the deal closes, with a focus on major payment stablecoins. By integrating issuing and processing across the U.S., U.K., and EU, Exodus expects to broaden its geographic reach and offer consumers and businesses more ways to store and spend payment stablecoins.
Stablecoin demand and enterprise use
Exodus cited rising demand for on-chain payments, noting that stablecoin payment volumes increased by 70% from February to August 2025, with nearly two-thirds of that volume driven by B2B transactions. The company said a broader payments offering is intended to diversify revenue with more recurring, usage-based income aligned with everyday digital dollar activity.
For enterprise clients, Exodus plans to extend W3C capabilities to its XO Swap infrastructure, enabling features such as embedded programmable payouts and turnkey card issuance. XO Swap, which supports partners including MetaMask and Ledger, accounted for 37% of all exchange provider volume in October 2025, unchanged from September.
Analyst view and market context
Brokerage firm Benchmark called the transaction Exodus’ most transformational move to date and said it could position the company as a first self-custody crypto wallet with a full end-to-end payments stack. The deal comes as major payment networks increase their focus on stablecoins and blockchain-based settlement, and as crypto-native firms compete with fintechs by embedding programmable payouts and on-chain payment rails.