In the highly unlikely event Exodus were to go out of business, you could move your crypto to another wallet with your 12-word secret recovery phrase.
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In this article:
What happens if Exodus goes out of business?
In the highly unlikely event that Exodus as a company were to shut down, what would happen to your crypto?
Would your crypto go down with the ship?
No. While this question is understandable, you would not lose access to your crypto if Exodus were to stop operating as a company.
This is because Exodus is a self-custody wallet that gives you 100% control over your funds.
This also means that Exodus can never touch or move (or even see) any of your digital assets.
This is different than a custodial wallet, where the private keys are controlled by another party, like a cryptocurrency exchange.
As long as you have your 12-word secret recovery phrase, you'll be able to restore your wallet into another BIP39-compatible non-custodial wallet.
How can you restore your wallet with your 12-word secret recovery phrase?
Exodus is a self-custody wallet where you are in complete control over your 12-word secret recovery phrase and private keys.
While there aren't any accounts with Exodus, your secret recovery phrase will always grant you access to your funds.
This is because your wallet's private keys, which give you access to each respective asset's funds on the blockchain, are derived from this secret recovery phrase.
It's important to note that your crypto assets aren't technically stored inside your Exodus wallet, as they actually "live" on the blockchain.
Exodus provides you with the software (the Exodus app) needed to transact your assets living on their respective blockchains.
Therefore, restoring your Exodus wallet's funds is possible by exporting the wallet's secret recovery phrase (or individual private keys) into another wallet.
For instructions on how to restore a secret recovery phrase in Exodus, please visit: How do I restore from my 12-word secret recovery phrase?
Exporting your 12-word secret recovery phrase
Even if Exodus as a company were to shut down, you'd still be able to open your Exodus wallet since it runs locally on your device.
However, the wallet wouldn't have full functionality - the in-built exchange feature would cease to work, and you might not be able to send certain assets with our servers down.
Regardless, for the assets you can't send out of your Exodus wallet, you can export your secret recovery phrase into another wallet. When doing so, it's important to note that not every wallet out there will be compatible with Exodus.
In other words, when restoring your Exodus wallet's secret recovery phrase into another wallet, it's possible that not all of your assets will appear in the new wallet. This is due to different wallets using different derivation paths.
If not all of your assets appear after restoring with your secret recovery phrase, then it's likely the other wallet may not support the specific asset you hold with Exodus.
Nevertheless, you will be able to export each individual asset's private keys into an asset-specific wallet with the same derivation path. For more information on how to view an individual asset's private keys, go to the article: How do I view my private keys?
Exporting individual private keys for assets with non-standard derivation paths
It's possible that not all of your assets will appear after importing your 12-word secret recovery phrase into another wallet.
If a specific asset doesn't show up after importing your secret recovery phrase, then the other wallet likely doesn't support that asset's derivation path used by Exodus.
A derivation path is a piece of data that tells your wallet how to derive a specific private key from a tree of different private keys.
Derivation paths are also used in combination with your secret recovery phrase to generate the private keys and crypto addresses for your wallet's assets.
While most assets in Exodus will follow standardized derivation paths like BIP44 and SLIP44, some assets use non-standard derivation paths.
If you want to export an asset with a non-standard derivation path to a different wallet, you will need to export your Exodus private key for that asset into a supported wallet.
Currently, we are not aware of any other Cardano (ADA) wallets that use the same derivation path as Exodus.
To find a wallet for an asset with a non-standard derivation path, please refer to the table below: