Crypto wallet developer Exodus has announced its plan to acquire W3C Corp, the parent company of Monavate and Baanx, marking a major step toward becoming a fully integrated crypto payments provider. The acquisition will enable Exodus to manage the entire payment cycle, from wallet to card, within its own ecosystem.
The deal involves acquiring two payment infrastructure providers: Baanx, known for partnerships with Mastercard and Visa, and Monavate, specializing in card issuance and payment processing. This strategic move will allow Exodus to integrate card issuance and payment processing capabilities directly into its products, reducing reliance on external partners.
Following the acquisition, Exodus plans to issue payment cards across Visa, Mastercard, and Discover networks and expand its presence in the US, UK, and EU markets. The integration will also enable support for a broader range of assets, including popular stablecoins.
“Today’s announcement represents a significant milestone in our mission to make self-custody and crypto payments practical for everyday use,” said JP Richardson, co-founder and CEO of Exodus.
He added:
“People already trust Exodus to store their dollar-pegged stablecoins and cryptocurrencies. With our own card and payment infrastructure, we are closing the gap between storage and spending, positioning Exodus as the only platform you need for your money.”
Demand for stablecoin payments is growing rapidly: transaction volumes in stablecoins rose by 70% from February to August 2025, with nearly two-thirds of activity coming from B2B payments.
According to James Gernecke, CFO of Exodus:
“Our new services will create a predictable and steady revenue stream while maintaining the benefits of crypto market volatility. Fees from exchange, processing, and apps are expected to form the backbone of our payments and transactional business.”
Earlier in October 2025, the stablecoin market capitalization exceeded $300 billion, with analysts from Goldman Sachs projecting it could reach trillions in the long term.
Once the Baanx and Monavate infrastructure is fully integrated, corporate clients using XO Swap will be able to implement programmable payments and launch their own card products. In October 2025, XO Swap accounted for 37% of the trading volume among exchange providers, maintaining a stable share from September.
Exodus already collaborates with major crypto players like MetaMask and Ledger, and the W3C acquisition follows its purchase of Grateful, a Latin American stablecoin payment orchestrator. Together, these deals create the foundation for modern crypto payment solutions for both retail and corporate clients.
The $175 million acquisition will be funded through Exodus’ own capital and a credit line from Galaxy Digital, secured by the company’s bitcoin holdings. The deal is expected to close in 2026, pending regulatory approvals.
Exodus also provided W3C with a $58.8 million loan for the Monavate and Baanx acquisition and up to an additional $10 million contingent financing, payable only if W3C breaches the agreement terms. An additional $10 million secured loan was granted to Garth Govat, guaranteed by his W3C stake, which will be applied to the purchase price at closing if not repaid earlier.
Notably, Exodus became the first US company to tokenize its shares on the blockchain and list on NYSE American (EXOD) in May 2024. In May 2025, Exodus and Baanx launched a crypto debit Mastercard, initially available in USDT and USDC, with a mass rollout planned for late 2025.
