Exodus, the publicly traded crypto wallet provider, unveiled its new ‘Exodus Pay’ feature this Wednesday. The goal is to transform its self-custodial storage app into a platform for daily transactions. Initially available in five states, including New York and California, Exodus Pay seeks to extend the functionality of its wallet beyond mere storage.
Following its stock listing on the New York Stock Exchange in 2024, the Omaha-based firm announced that this feature positions their wallet as an alternative to centralized payment applications.
“Most payment apps are third parties holding your funds, which means they can freeze accounts or reverse transactions,” noted Exodus co-founder and CEO JP Richardson in a conversation with Decrypt. “With Exodus, users retain control over their funds at all times.”
Exodus Pay is integrated into the existing wallet app, enabling users to spend USD-backed stablecoins like USDC or Bitcoin at merchants accepting Visa or Apple Pay.
“Self-custody has been hindered by friction—complex seed phrases and networks,” Richardson explained. “Consumer experiences in self-custody have not been designed for everyday purchases or sending money to friends.”
To boost adoption, Exodus is covering network fees and supporting transfers via phone numbers. However, the service is limited geographically due to regulatory constraints, available only in Nebraska, Texas, Florida, New York, and California.
Richardson emphasized that simplifying user experience has been a priority, stating, “Even someone without any crypto knowledge should be able to use the app intuitively.”
Exodus joins other crypto wallet developers like Coinbase, BitPay, and PayPal in enabling customers to make purchases using cryptocurrencies or stablecoins.
Following the initial launch, Richardson indicated plans for nationwide expansion over the coming weeks.
“By mid-April, Exodus Pay will be accessible in the app across America,” he said. Existing users will find the feature as an automatic update rather than requiring a new download. “If you already have Exodus, you’ll automatically have Exodus Pay.”