Self-custody wallet company Exodus Movement has agreed to acquire W3C Corp and its subsidiaries Baanx and Monavate for $175 million, marking the company's expansion into crypto payments infrastructure.
Exodus said Monday that the deal, subject to regulatory approval, would give the company the ability 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 transaction is expected to close in 2026. Once the transaction is completed, Exodus would own full payment rails required to let users directly spend crypto, including U.S. dollar stablecoins.
The deal will also enable Exodus to issue payment cards through major networks including Visa, Mastercard, and Discover, while expanding its footprint across the U.S., UK and European Union.
"People already trust Exodus to hold their dollar stablecoins and crypto," said JP Richardson, co-founder and CEO of Exodus. "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."
Exodus said it plans to finance the purchase through existing cash reserves and its bitcoin-secured credit facility with Galaxy Digital. Separately, Exodus loaned roughly $58.8 million to W3C and may further loan up to $10 million to W3C to support working capital.
The W3C deal follows Exodus' recent acquisition of Grateful, a Uruguay-based stablecoin payments startup, to expand its payment presence in Latin America.
Exodus closed up 3.62% at $15.18 on the New York Stock Exchange on Monday, according to The Block's price page. Its shares have fallen 40.3% in the past month and dropped 56.6% over the past six months.
