The MON token for the newly introduced Monad blockchain made its trading debut on Monday, but early market activity suggests a lukewarm reception for one of the year’s most anticipated layer-1 blockchains.

Cryptocurrency wallet provider Exodus Movement (NYSE American: EXOD) is expanding its payment capabilities by acquiring W3C Corp, the parent company of crypto card and payments firms Baanx and Monavate, in a $175 million deal.

South Korean crypto exchange Upbit is reportedly planning an Initial Public Offering (IPO) on Nasdaq, according to a Bloomberg report published on Monday.

Top stories in the Crypto Roundup today:

• Monad's MON Token Debuts to Lukewarm Reception, After Slow Token Sale
• Crypto Wallet Firm Exodus Buys Baanx and Monavate for $175M
• Upbit Seeking Nasdaq IPO Following Merger With Naver: Bloomberg

 

Upbit Seeking Nasdaq IPO Following Merger With Naver: Bloomberg

South Korean crypto exchange Upbit is reportedly planning an Initial Public Offering (IPO) on Nasdaq, according to a Bloomberg report published on Monday.

The Seoul-based exchange is currently in the process of merging with South Korean internet giant Naver, a deal which reports suggest will be finalized this week. The merger plans indicate that Upbit's parent company, Dunamu, and Naver Financial will form a single entity.

The deal between Naver and Upbit was initially reported in September. At the time, it was suggested that Dunamu would be brought under the umbrella of Naver's financial arm through a stock swap.

Upbit is expected to target the Nasdaq IPO once the merger with Naver Financial is complete. The news of Upbit's IPO target was also circulated in a post on X (formerly Twitter) on Monday, which cited the Bloomberg report.

This potential listing follows a trend of high-profile crypto companies, including Circle Internet Group (CRCL), Bullish (BLSH), and Gemini (GEMI), listing on U.S. public markets this calendar year, with Kraken also anticipated to follow suit in 2026.

 

Crypto Wallet Firm Exodus Buys Baanx and Monavate for $175M

Cryptocurrency wallet provider Exodus Movement (NYSE American: EXOD) is expanding its payment capabilities by acquiring W3C Corp, the parent company of crypto card and payments firms Baanx and Monavate, in a $175 million deal.

The acquisition, financed through cash on hand and a loan from Galaxy Digital secured by Exodus’ Bitcoin holdings, is strategic. It positions Exodus to become one of the few self-custodial wallets to manage the entire payments process, from the wallet to the card.

W3C Corp subsidiaries Baanx and Monavate are known for their work on crypto cards and self-custody Web3 payments with major networks and firms like Visa, Mastercard, and MetaMask. With this deal, Exodus will take ownership of the underlying card and payments technology, enabling it to issue payment cards via networks such as Visa, Mastercard, and Discover.

The move will also broaden Exodus's geographical reach, supporting new products and partnerships across the U.S., UK, and the EU. This follows Exodus's recent acquisition of LATAM-based Grateful, a stablecoin payments orchestrator.

 

The deal, which is subject to customary adjustments and approvals, is expected to close in 2026.

 

Monad's MON Token Debuts After Slow Token Sale

The MON token for the newly introduced Monad blockchain made its trading debut on Monday, but early market activity suggests a lukewarm reception for one of the year’s most anticipated layer-1 blockchains.

MON changed hands around $0.02417 in the first hours of trading, according to data from Coinbase. With 10.83 billion tokens in circulation, MON opened with a market capitalization of roughly $262 million. It is currently trading at $0.03919.

The cool start follows an underwhelming public token sale on Coinbase’s Token Platform. Of the circulating supply, 7.5% was allocated to the sale at $0.025 per token, higher than where MON is currently trading.

Many recent token launches have been snapped up almost instantly, most notably Plasma, which sold out within the first block. In contrast, MON’s sale took significantly longer to clear. That might be a signal of a lack of demand that appears to be a consistent theme with the trading debut.

MON’s tokenomics have sparked debate among the community. The Monad team controls 27% of the total supply, while 19.7% goes to investors, 4% to the Labs Treasury, and 38.5% toward ecosystem development.

 

 

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