Exodus pivots to payments as revenue mix shifts

Exodus Movement has reached a “critical threshold” in its transition from a self-custody wallet provider to a broader crypto payments platform, according to Benchmark.

The shift follows its acquisition of W3C-linked payments infrastructure and firms including Monavate and Baanx, enabling Exodus to diversify beyond crypto swap fees.

“Four years ago, we were a wallet only… we now have an entire suite of APIs … and a first-party on-ramp experience,”

Said Kevin Wood, director of revenue operations at Exodus Movement.

Historically, about 90% of Exodus Movement revenue came from crypto swaps, exposing the business to volatility tied to crypto prices and retail trading activity.

Benchmark estimates the new payments infrastructure could reduce reliance on swaps to around 60%, with additional revenue coming from card issuance, interchange fees, and lending, and the share price was unchanged at $XX.

The company reported record 2025 revenue of $121.6 million but posted a net loss of $11.4 million, reflecting higher costs and weaker crypto market conditions.

The pivot highlights a broader trend among crypto firms seeking more stable, recurring revenue streams as they expand into payments and financial services infrastructure.