Latham & Watkins Advises W3C Corp in Acquisition by Exodus to Become an On-Chain Payments Giant

Exodus Movement, Inc. (NYSE American: EXOD), a leading self-custodial cryptocurrency platform, has announced it has entered into a definitive agreement to acquire Monavate Holdings Ltd. and its subsidiaries (collectively, Monavate) and Baanx.com Ltd. and Baanx US Corp (Baanx), two established providers of card and payments infrastructure serving fintech, crypto, and enterprise clients, through Exodus’ acquisition of W3C Corp, the parent entity of Monavate and Baanx. The acquisition is subject to regulatory approvals. Upon the closing of the acquisition, Exodus plans to enter the arena of on-chain payments to become one of the few self-custodial wallets to control the end-to-end payments experience, from wallets to cards.

Latham & Watkins LLP represented W3C Corp in the transaction with a corporate team led by London partner Robbie McLaren and Bay Area partner Tessa Bernhardt, with associates Christopher Lim, Pierre-Axel Aberg, Jacopo Zonouzi, Anuj Ezekiel, and Alice Han. Advice was also provided on UK and EU regulations by London partner Stuart Davis, with associate Brett Carr; on finance matters by New York/Los Angeles partner Nathan Whitaker and London partner Ross Pooley, with associates Patrick McDonald, Julia Steinberg, and Michelle Cha; on tax matters by Bay Area partner Grace M. Lee and London partner Karl Mah, with associates Gregory Conyers and Mimi Kyprianou; on executive compensation, employment, and benefits matters by London partner Kendall Burnett and Bay Area partner James Metz, with consultant Rebecca Fielding and associate Jennifer Lin; on intellectual property and privacy matters by Bay Area partner Michelle Gross, with associates Elva Cullen, Ryan Sanders, Kiara Vaughn, and Eric Gonzalez; on digital assets and financial regulatory matters by New York partner Jenny Cieplak and Washington, D.C. partners Barrie VanBrackle and Parag Patel, with associate Connor Jobes; on trade controls and sanctions matters by Washington, D.C. partner Eric Volkman, with associate Matthew Crawford; on anti-bribery and anti-corruption matters by Washington, D.C. partner Erin Brown Jones; on antitrust matters by Bay Area partner Kelly Fayne, Brussels partner Tomas Nilsson, and Washington, D.C. partner Peter Todaro; and on capital markets matters by Washington, D.C. partners Paul Dudek and Michele Anderson.