In brief
- Exodus launches Exodus Pay, a feature that lets users spend crypto directly from its wallet app.
- The rollout is limited to five U.S. states, including New York and California.
- The company says the feature aims to reduce reliance on third-party payment platforms.
Exodus, the publicly traded crypto wallet provider, began rolling out a new “Exodus Pay” feature on Wednesday, aiming to turn its self-custodial storage app into a tool for everyday payments. The launch is currently limited to users in five states, including New York and California.
The Omaha-based firm listed its stock on the New York Stock Exchange in 2024 and says the new feature expands the role of its wallet beyond storage into payments. The company positions the service as an alternative to centralized payment apps.
“Most payment apps are third parties that hold your funds for you,” Exodus co-founder and CEO JP Richardson told Decrypt. “That means they can freeze your account, reverse transactions, and decide what you’re allowed to buy.” Exodus, by contrast, can’t do that, because users remain in control of their funds at all times.
The company says Exodus Pay works within the existing wallet app and allows users to spend USD-backed stablecoins, such as USDC, or Bitcoin at merchants that accept Visa or Apple Pay.
“The problem with self-custody until now has been the friction. Seed phrases, complicated networks—most self-custody consumer experiences aren’t built for someone who just wants to pay for groceries or send friends money,” Richardson said.
To encourage adoption, Exodus says it will subsidize network fees and allow transfers using phone numbers. The service remains geographically limited due to regulatory requirements. It is currently available only in Nebraska, Texas, Florida, New York, and California.
Richardson said the company has focused on simplifying the user experience, claiming that “someone with zero crypto experience should be able to use an app intuitively.”
Exodus joins a growing list of crypto wallet developers that let customers pay for purchases using crypto or stablecoins, including Coinbase, BitPay, and PayPal.
After the initial launch, Richardson said the company plans to expand the service nationwide over the next several weeks.
“By mid-April, everyone in America will have Exodus Pay in their app,” Richardson said. For existing users, the feature will appear as an automatic update rather than a new download. “If you already have Exodus, you’ll have Exodus Pay,” he added.
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