Exodus moves to acquire Baanx, Monavate in $175M deal to bring card and payments infrastructure in-house
Exodus Movement acquired Baanx and Monavate for $175 million to integrate card and payment infrastructure.Summary
Exodus Movement, a self-custodial cryptocurrency wallet provider, announced the $175 million acquisition of digital banking firm Baanx and fintech provider Monavate. This strategic move transitions Exodus from being solely a wallet platform to a comprehensive digital payments provider, aiming to deliver integrated digital payments and expand stablecoin transactions. Baanx specializes in digital banking and crypto solutions supporting secure self-custody for asset management, while Monavate offers fintech solutions like card issuing and compliance support for scalable payment infrastructure. The acquisition is intended to reduce reliance on traditional financial intermediaries for on-chain transactions, particularly in markets with high stablecoin usage.
(Source：Crypto Briefing)