Exodus makes self-custodial cryptocurrency wallet software, allowing users to store, send, receive, and swap digital assets directly on their own devices without a third-party custodian holding their private keys. The wallet supports over 700,000 digital assets across more than 40 blockchains and has been downloaded over 19M times since launching in 2015. Exodus is free to download and earns revenue primarily by charging third-party exchange providers, staking platforms, and fiat on-ramp services for integration access within the Exodus interface. Exchange aggregation — where users swap one crypto asset for another and Exodus charges the routing provider a fee — accounts for roughly 90%+ of revenue, making the business highly sensitive to crypto market cycles. Exodus is also packaging its exchange aggregator as a white-label B2B product called ExoSwap, sold to other wallets and platforms like MetaMask and Ledger; ExoSwap contributed 26% of total swap volume in Q4 2025. Exodus is pursuing a strategic pivot toward payments, with its most significant initiative being Exodus Pay — a consumer app combining stablecoin spending, peer-to-peer payments, and investing aimed at mainstream users. To power this, Exodus is acquiring W3C Corp for ~$175M, which includes Monavate and Baanx, giving Exodus end-to-end control of a payment stack from self-custodial wallet to physical spend card. Exodus also acquired Grateful, a Latin American crypto payments platform, to build stablecoin-based merchant checkout in Argentina and Uruguay, markets with strong stablecoin demand driven by local inflation.