Simply put
- Exodus launches Exodus Pay, a feature that allows users to spend cryptocurrencies directly from their wallet app.
- The rollout will be limited to five U.S. states, including New York and California.
- The company says this feature is aimed at reducing dependence on third-party payment platforms.
Exodus, a publicly traded cryptocurrency wallet provider, began rolling out a new ‘Exodus Pay’ feature on Wednesday, with the aim of turning its custodial storage app into an everyday payment tool. Currently, the service is limited to users in five states, including New York and California.
The Omaha-based company, which plans to list its stock on the New York Stock Exchange in 2024, says the new features will expand the wallet’s role beyond storage to payments. The company is positioning the service as an alternative to centralized payment apps.
“Most payment apps are third parties that store your funds,” said JP Richardson, co-founder and CEO of Exodus. Decrypt. “That means they can freeze your account, reverse transactions, and decide what you can buy.” Exodus, by contrast, doesn’t allow that because users are always in control of their funds.
The company says Exodus Pay will work within existing wallet apps, allowing users to spend USD-backed stablecoins like USDC and Bitcoin at participating merchants that accept Visa and Apple Pay.
“The self-custody issue has been a friction point in the past. Most self-custody consumer experiences, such as seed phrases and complex networks, are not built for people who just want to pay for groceries or send money to a friend,” Richardson said.
To encourage adoption, Exodus says it will subsidize network fees and allow transfers using phone numbers. Due to regulatory requirements, this service remains geographically limited. Currently available only in Nebraska, Texas, Florida, New York, and California.
Richardson claimed that the company is focused on simplifying the user experience, and that “even people with zero crypto experience should be able to use the app intuitively.”
Exodus joins a growing list of cryptocurrency wallet developers that allow customers to pay for purchases using cryptocurrencies or stablecoins (such as Coinbase, BitPay, and PayPal).
After the initial launch, Richardson said they plan to expand the service across the country in the coming weeks.
“By mid-April, Exodus Pay will be in apps across America,” Richardson said. For existing users, this feature will appear as an automatic update rather than a new download. “If you are already using Exodus, you will be able to use Exodus Pay,” he added.
