Exodus Movement, Inc. closed a two‑part acquisition that gives the company full ownership of a U.S. payment‑card platform and a regulated card‑issuing and processing platform. The first part of the deal involved the purchase of Baanx US Corp., for $5 million in cash and $25 million in deferred consideration payable over four years, totaling $30 million. The second part acquired the outstanding shares of Monavate Holdings Limited and Baanx.com Ltd., subsidiaries of W3C Corp., for $76.273 million, bringing the total transaction value to $106.273 million.
The acquisitions create a complete end‑to‑end payments stack for Exodus, enabling the company to issue and manage payment cards directly under Visa, Mastercard and Discover networks in the U.S., U.K. and EU. By bringing card issuance and processing in‑house, Exodus can unlock recurring interchange and processing revenue, reduce its reliance on volatile swap‑fee income, and position itself as a self‑custodial payments provider that lets users pay with digital dollars, Bitcoin and other borderless assets without leaving self‑custody.
The deals were facilitated by W3C Corp’s default on a loan that led to the appointment of receivers for its subsidiaries. The acquisitions were announced in the same week that Exodus launched Exodus Pay across all 50 U.S. states, underscoring the company’s focus on expanding its payments footprint.
Financially, Exodus reported Q1 2026 revenue of $22.7 million, a decline from $36.0 million in Q1 2025, and a net loss on digital assets of $36.4 million. The new payments platform is intended to diversify revenue streams and counter the revenue decline, providing a foundation for future growth.
JP Richardson, co‑founder and CEO, said, “In the last 24 hours, the pieces of the Baanx and Monavate acquisition have all come together. Closing the Baanx US deal is the final step. With Baanx US closed, we officially enter the next chapter of Exodus. This deal unlocks self‑custodial payments at scale. This is the biggest shift in Exodus history.” He added, “This is a turning point for Exodus. Bringing payments in‑house lays the foundation for the next generation of products built on self‑custody.” Richardson also noted, “We spent a decade building a wallet that millions of people trust with their crypto. Now, we are creating the last financial app you will ever need, letting anyone pay with digital dollars, Bitcoin, and other borderless digital assets without ever leaving self‑custody.”
The acquisitions align with a broader industry trend in which traditional financial institutions are adopting blockchain technology to improve cross‑border payments and reduce friction. By integrating the acquired platforms, Exodus is positioned to compete more directly with established payment processors while maintaining its core focus on self‑custodial solutions.
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