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Exodus Taps Bitcoin to Finance $175M Leap Into On‑Chain Payments - Crypto Economy

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This Tuesday, Exodus, a crypto wallet provider, announced a $175 million agreement to acquire W3C Corp, the parent company of payment infrastructure providers Monavate and Baanx. The acquisition, financed through a loan backed by the company’s Bitcoin reserves, signifies a strategic shift to integrate the entire payment value chain. Regarding this, Exodus CEO, JP Richardson, stated that by “bringing card and payment infrastructure in-house, we are closing the gap between holding and spending, and positioning Exodus as the only platform you need for your money.”

The most significant aspect of this acquisition is Exodus’s goal: to be one of the self-custodial wallets to control the complete niche of services, from cryptocurrency storage to card issuance. By adding issuance, processing, and regulatory compliance, the company will not only minimize its reliance on third parties but also be able to support a broader range of stablecoins. Exodus’s move comes in a context of growing adoption of blockchain-based settlements by giants like Visa and Swift, validating this bet.

The acquisition is expected to close next year. Exodus CFO, James Gernetzke, anticipated that revenues from interchange, processing, and program fees will become a fundamental pillar of the business. The community should monitor the integration of Monavate and Baanx services into Exodus’s XO Swap platform, as well as the actual ability to issue Visa and Mastercard cards. The success of this bet on On-Chain Payments will determine if a wallet can dominate the complete personal finance experience.


Source: https://www.exodus.com/investors/news-events/press-releases/detail/91/exodus-enters-next-phase-as-a-crypto-payments-company-with-agreement-to-acquire-w3c-corp-and-its-subsidiaries-baanx-and-monavate


Disclaimer: Crypto Economy Flash News are prepared from official and public sources verified by our editorial team. Their purpose is to quickly inform about relevant facts in the crypto and blockchain ecosystem. This information does not constitute financial advice or investment recommendation. We recommend always verifying the official channels of each project before making related decisions.

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