Quick take:
- The $175 million purchase is comprised of cash on hand and financing from Galaxy Digital secured using Exodus’s Bitcoin holdings.
- The acquisition allows Exoducs to issue crypto payment cards through the likes of Visa, Mastercard, and Discover.
- Baanx and Monovate have already been working with the three card service providers that develop crypto cards.
Bitcoin and crypto wallet service provider, Exodus Movement (NYSEAmerica: EXOD), announced the acquisition of W3C for $175 million, the parent organization of the crypto card and payments companies Baanx and Monovate.
According to the announcement, the acquisition is comprised of cash on hand and financing from Galaxy Digital secured using Exodus’s Bitcoin holdings.
With Baanx and Monovate already collaborating with Visa, Mastercard, and Discover to develop crypto cards, the acquisition positions Exodus well to begin offering card-based crypto payments.
The acquisition also allows Exodus to expand its geographic footprint, supporting the development of new products and partnerships across the U.S., UK, and the EU, the company said on Monday.
Commenting on the announcement, Exodus CEO JP Richardson said in a statement: “Today’s announcement is a major step in our mission to make self-custody and crypto payments practical for everyday life. People already trust Exodus to hold their dollar stablecoins and crypto. 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.”
The acquisition follows shortly following the purchase of the LATAM-based stablecoin payments infrastructure provider, Grateful, enabling Exodus to support stablecoin payments in the region.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
