Exodus will acquire W3C Corp, the parent company of Baanx and Monavate, for $175 million

According to CoinDesk, cryptocurrency wallet company Exodus Movement will acquire W3C Corp, the parent company of crypto card and payment companies Baanx and Monavate, for $175 million. The transaction is composed of the company's own cash and financing provided by Galaxy Digital, with the financing secured by the Bitcoin held by Exodus.

Baanx and Monavate have been collaborating with institutions such as Visa, Mastercard, and MetaMask to develop cryptocurrency cards and user-custodied Web3 payment services. This transaction will make Exodus one of the few self-custody wallet providers capable of controlling the entire payment experience from wallet to card.