Exodus Movement (EXOD) Unveils a New Debit Card in Partnership with Baanx

U.S.-listed Exodus Movement (EXOD), a self-custody wallet firm specializing in bitcoin and other cryptocurrencies, has unveiled an Exodus debit card in partnership with Baanx

U.S.-listed Exodus Movement (EXOD), a self-custody wallet firm specializing in bitcoin and other cryptocurrencies, has unveiled an Exodus debit card in partnership with crypto card enabler Baanx.

The partnership will enable Exodus users to spend their crypto on travel, online shopping and anywhere Mastercard is accepted, the firms announced at the BTC Vegas conference on Tuesday.

Bringing debit card functionality to self-custody crypto holders is a fast-growing subset of the digital assets space, attracting a range of popular platforms. Ethereum wallet firm MetaMask, decentralized finance firm 1inch and most recently, Sam Altman’s World Network are among those to launch such services this year.

Beta testing of the virtual Exodus card begins at BTC Vegas, starting with the two major stablecoins, USDT and USDC, which users can instantly swap for bitcoin and other major cryptos. A wider rollout to the six million or so Exodus users will happen later this year, said Exodus CEO JP Richardson.

“If you consider there are 1.7 billion people who are unbanked out there, well now they don't need a bank account because they can use something like this,” Richardson said.

Baanx chief commercial officer Simon Jones added: “You are effectively saying that if you've got access to a mobile phone, you've got access to a range of basic financial services.

“Historically, wallets were very much focused around the custodial element with some swaps and trading. Now we are really seeing an evolution happen where your wallet is becoming your virtual account.”

Earlier this year, Exodus also announced the integration of BTC Standard Hashrate Token (STH) into its self-custody wallet.

Founded in 2015, Exodus is one of the oldest and largest cryptocurrency wallet providers. Its mission is to empower individuals to take control of their finances in a rapidly changing world.

The crypto card enabler provides a complete modular solution for issuing prepaid and debit cards in fiat and cryptocurrencies. It currently works with Mastercard and Visa.