Exodus Movement, Inc. and Celestial Technology Ltd. have launched a limited-time campaign offering zero platform fees on inbound XRP swaps inside the OneKey app. The initiative aims to lower the cost barrier for users seeking to access XRP while maintaining self-custody of their digital assets. Standard network and gas fees will remain in effect during the promotion.

During the campaign, OneKey Wallet users can utilize the swap interface within the app to convert any supported asset into XRP via Exodus’ XO Swap cross-chain exchange aggregator. The waiver applies specifically to platform fees charged by the aggregator. This collaboration follows the April 2026 expansion of native XRP Ledger (XRPL) and Ripple USD (RLUSD) support inside the Exodus wallet, reflecting the asset's high trading volume across both platforms.

JP Richardson, CEO and Co-Founder of Exodus, emphasized that XO Swap was designed to facilitate self-custody across various asset holding locations. He stated that removing platform fees on inbound XRP swaps allows more customers to access the asset without relinquishing control. Niq Chen, Growth Lead at OneKey, noted that XRP is a highly requested asset within their community, and the partnership addresses user demand for cost-effective access.

The promotion is accessible to all OneKey Wallet users through the swap interface. No specific end date for the campaign was provided in the announcement.

Exodus Movement Inc reported a 23% sequential decline in revenue for the first quarter of 2026, falling to $22.7 million as digital asset market activity softened. Despite the revenue dip, the company completed its largest transaction to date, acquiring Monavate and Banks to diversify away from the crypto trading cycle and enhance its payments capabilities. The company maintained a strong balance sheet with $74 million in cash and cash equivalents and $48 million in digital assets as of March 31.

Strategic Shift and Acquisitions

The acquisition of Monavate and Banks marks a major step in Exodus's strategy to build a full-stack finance services platform. This transaction adds recurring revenue streams such as card processing, interchange, issuance, and settlement, which are not exposed to crypto market volatility. The deal, which closed just before the company's shareholder summit on May 1, took 15 months to finalize. The final transaction price was approximately $108 million, lower than the originally announced $175 million, as the company did not acquire the W3C holding company or certain assets like the Latvian company Pixie Pay.

Product Launches and Partnerships

Exodus Pay was a significant milestone in Q1, now live in all 50 U.S. states, Canada, and parts of Europe. The product allows users to manage, send, and spend digital dollars from one app. Additionally, the company announced a strategic partnership with the UFC to serve as the official payments partner, aiming to expand brand visibility and distribution for Exodus Pay. Management also highlighted the launch of Exo Cash, a stablecoin designed for AI agents, which runs on the Monavate rails.

Financial Performance

The decline in Q1 revenue reflected a 37% drop compared to the record first quarter of 2025, driven by weaker Bitcoin and digital asset prices. Exchange-related revenue fell below 90% of the total mix in Q1. Operational metrics also showed pressure, with swap volume down 26% sequentially to $1.18 billion. Monthly active users were 1.5 million, unchanged sequentially but down 6% year-over-year, while quarterly funded users decreased 18% from the prior quarter to 1.4 million.

Q1 2026 Key Metrics

Future Outlook

Management expects Monavate to contribute significantly to revenue by 2027, potentially accounting for over 40% of total revenue. The company plans to focus on integrating the acquired entities, scaling Exodus Pay, and expanding payments-related revenue. Pro forma financials regarding the acquisition are expected to be produced in the current quarter.