Exodus Movement buys two W3C subsidiaries for $76.3 million
Updated
Updated · MarketWatch · May 1
Exodus Movement buys two W3C subsidiaries for $76.3 million
9 articles · Updated · MarketWatch · May 1
The crypto platform bought Monavate Holdings and Baanx.com shares from UK receivers after W3C defaulted on a loan secured against both companies' shares.
Exodus said the price matched principal and interest outstanding on the W3C loan as of Thursday and gives it an underlying card and payments stack.
Chief executive JP Richardson called the deal a turning point for self-custody products. Last month, Exodus sued W3C to force a $175 million sale under a November stock purchase agreement.
Did Exodus use a secured loan as a weapon to acquire key assets for less than half the original deal price?
By acquiring its own payment 'rails', has Exodus redefined the future for all self-custody crypto wallets?
Is this forced acquisition the start of a new, more aggressive era of mergers and takeovers in the crypto industry?