Exodus Announces $175M Deal to Acquire W3C

Exodus Movement has lined up one of its most ambitious expansions yet, revealing a plan to buy W3C Corp. in a transaction valued at 175 million dollars. The agreement folds Baanx.com Ltd., Baanx US Corp., and Monavate Holdings Ltd. into the Exodus umbrella, connecting its self-custodial wallet users to deeper payment rails and real-world spending tools.

Good to Know

• Deal valued at 175 million dollars and targeted for early 2026 closing
• W3C includes Baanx and Monavate, both active in crypto-linked payments and card issuing
• Exodus had already advanced 58.8 million dollars to W3C before striking the final pact

The agreement, announced on November 24, still awaits regulatory clearance. Once complete, Exodus aims to blend card issuing, payment processing and compliance tools into its wallet ecosystem. The plan centers on giving users ways to spend stablecoins like USDT and USDC through connected debit card products, a trend that picked up pace after Exodus and Baanx partnered in May 2025 to launch the Exodus Card, a Mastercard product.

Before finalizing the acquisition, Exodus had supplied W3C with 58.8 million dollars to support earlier purchases of Baanx and Monavate. Company executives also mentioned an option to add 10 million dollars in working capital if certain triggers are met.

Baanx launched in 2018 and operates across the U.K., EU and the U.S. under an Electronic Money Institution license from the UK Financial Conduct Authority. The firm provides virtual and physical debit cards, crypto-aligned payment tools and integrations with Metamask and Ledger. Its network supports spending at millions of retail outlets across the globe.

Monavate, founded in 2015 with headquarters in Omaha, supports BIN sponsorship, compliance operations, card program management and fraud-prevention services. Many fintech and crypto teams rely on Monavate tools to connect to established card networks. The company also contributed to earlier Baanx-led launches, including stablecoin-enabled cards in Canada.

Exodus said bringing the entire group in-house will help expand its global wallet presence, which surpassed six million users in early 2025. The combined stack introduces regulated payment rails, enterprise tools for programmable payouts and faster crypto-to-merchant spending experiences. CEO JP Richardson noted that attaching these capabilities to a self-custodial environment could help increase financial access worldwide.

Industry observers say the move underlines a larger pattern: onchain payments and legacy card systems are drawing closer. The combined W3C and Exodus infrastructure could strengthen stablecoin-based commerce and deepen reach into regions such as Latin America, where Exodus recently acquired Grateful to advance regional activity. Regulatory checks remain central as the two companies work toward their planned closing window in early 2026.