You can expect a response from our investor relations team within 24 hours. With that, let's go to JP for a third quarter review.
Thank you, Chris, and to everyone watching, thank you for joining us today for Exodus' third quarter call. We talked about Wallet as a Service last quarter. Building resilient business requires sector dominance, and Wallet as a Service embodies our commitment to a blue ocean strategy. What sets us apart is our active involvement in the development process. Wallet as a Service is not just about providing software, it's about crafting unparalleled, secure, and visually captivating wallet mainstream experiences for Web3 DApps. This is not merely a B2B revenue avenue, it's a gateway to partnerships and distribution channels for our B2B infrastructure, our white label, aggregator, and swap, and fiat services. Exodus is proud to announce our first Wallet as a Service deal, with Magic Eden as our first customer.
We are thrilled to partner with Magic Eden to provide wallet software as well as infrastructure access to our fiat and swap services. Let's zoom out more broadly and talk about macro. In third quarter, Bitcoin and U.S. crypto companies continued their walk towards the mainstream. The U.S. SEC delayed its decision on a spot Bitcoin ETF for all applicants, including BlackRock and Fidelity. Bitcoin and Ethereum prices declined slightly in the quarter, with Bitcoin down 12% and Ethereum down 16%, with both assets remaining well above their prices at the beginning of the year. All of this was before the fourth quarter, when continued speculation about a potential Bitcoin ETF sent crypto prices generally higher. On the regulatory front, Exodus has been proactive in preparing for the new regulations, which recently took effect in the United Kingdom.
Last month, the U.K. Financial Conduct Authority set strict guidelines regarding how financial services can be advertised. We prepared for these guidelines and worked to ensure we were in compliance before they went into effect. Unfortunately, when it comes to enforcement, the U.K. FCA appears to have cast a wide net for many crypto companies, utilizing the broad language of the regulations to place companies on a warning list for unauthorized firms. Exodus is one of the companies that has been named by the U.K. FCA on that list. Now, Exodus is invited to register with the FCA to clear everything up, but there's currently no way for a self-custodial crypto wallet to register, because the laws are focused on asset custodians. Our best legal minds are working on this problem currently.
The most immediate impact on our U.K. customers is that Exodus Mobile is not currently available through the U.K. App Store, but we're working to get this restored. From a corporate perspective, our users are widely distributed globally, which includes the U.K. There's not an immediate effect on our current expected revenues, but the situation could reasonably impact our future revenues if it continues without any resolution or improvement. This matter is something we have taken seriously in the past, and we continue to work on today. To be clear, the application is still working for those in the U.K. who have already downloaded Exodus. It's just those that are located in the U.K. that are trying to download Exodus, that have never used Exodus before, that are unable to do that because Exodus is not available on the U.K. App Store currently.
This broadly applied government regulation is another reminder of the importance of self-custody. I will always urge you to take custody of your own Bitcoin and digital assets using a self-custodial wallet like Exodus. Those who control their own wealth will not find themselves at the mercy of their custodian, and have the best chance of adapting successfully to an unpredictable future. Our CFO, James, is here to review our third quarter finances. Take it away, James.
Thanks, JP. We'll start with Q3 results, but then at the end, I will give a little bit of commentary around how we see things shaking out for the full year of 2023. Digital asset markets took what I'll call a short breather in Q3, as prices and activity in general decreased slightly. And as such, you know, our revenue is down versus Q2, but it's up from a year ago when the bear market was going full bore. And you'll see that in general in our results, Q2 of 2023 versus Q3 of 2022. But let's look deeper. Total revenue for the quarter was $12 million, which is down 3% from the $12.4 million in Q2, but up 8% versus the same quarter in 2022. And moving along to swap volume, similar trend.
We ended at $569 million on the quarter, which is down 3% from the prior quarter, but up 4% versus Q3 of 2022. MAUs were at 741,000. That's down 4% from the prior quarter. The interesting thing here is that our user base has shown us many times that while they may not be active in any given month, they usually do not leave Exodus, and we've seen some direct evidence of this in the last month or two, and I'll talk more about that later when I go over some thoughts around 2023. So moving on to the next slide, this is really where we demonstrate our commitment to delivering profitability during all phases of our company's growth.
So our Adjusted EBITDA was $2 million for the quarter, despite the market taking its short breather, if you will. And I'll repeat last quarter's expectation that we will remain Adjusted EBITDA positive in each quarter of 2023. And as such, we have managed significant increases in profitability versus 2022. And even better, we're in a great position to scale further, should 2024 see a bull run. And it certainly appears that we're on a good start. Obviously, we're all crossing our fingers that it continues that way into the Bitcoin halving. And finally, as always, our balance sheet continues to be strong, with no debt and $106 million in cash and digital assets at quarter end.
We are always open to looking for opportunities to deploy this, to deploy this capital and accelerate our mission, as I've mentioned in previous quarters. So now if we jump to 2023 thoughts, you know, JP had mentioned earlier in the call that cryptocurrency prices increased early in the fourth quarter, and have stayed elevated thus far. And having taken that breath in Q3, the market is really back to running, and our Exodus users, who, maybe they took a little time off at the end of September, they're back, too. Our monthly active users metric has measured over 850,000 MAUs the past few days, and November is shaping up to be our highest swap volume month so far this year.
While it remains to be seen exactly where we'll end up in terms of MAUs at the end of Q4 and what December will bring for volumes, the increases have been really phenomenal to see. Overall, on the year, you know, we expect full year 2023 revenues to land somewhere in the range of between $51 million and $54 million. You know, of course, these predictions are our best expectations at this point, and the final numbers for Q4, you know, they'll be released next quarter, but we're looking to finish the end of the year strong. With that, back to you, JP.
Thanks, James. As a reminder, our mission is to help the world exit the traditional financial system, and to me, that's always meant innovation, creating new products and new experiences. Even the oldest cryptocurrency, Bitcoin, has yet to turn 15 years old. Innovation was at the heart of our 2021 crypto-only Regulation A stock offering that solidified Exodus's finances and put us on a path to become a fully public company. Many of you may recall that $75 million was raised, 100% in crypto, and all of it by using the Exodus wallet. I'm sure many of you know that Exodus shares can be digitally represented on the Algorand blockchain, an industry first. Now, the time has come to find our company stock, homework, and trade efficiently.
And as a first step toward that goal, Exodus has applied for the OTC Markets uplisting, and our application is in progress. An OTC Markets listing will allow Exodus to trade on many popular stock brokerage websites. For those of you who prefer to keep your blockchain-based shares in your Exodus wallet, that's no problem. You'll still be able to do so and know you'll be happy in our flagship product, Exodus. Listing on OTC Markets is a solid first step towards an eventual listing on the NYSE or NASDAQ. A lot of those listing requirements are taken care of during the OTC Markets listing process. With our work in the current quarters, we are laying the foundation for the future moves to benefit the company and its shareholders.
As our company learns and grows from these moves, it brings Exodus one step closer to being the only wallet you'll ever need. We can imagine a future where traditional markets trade inside of Exodus. Today, I'm excited to unveil a game-changing addition that will propel us towards that vision. In Q4, we'll be introducing ExoPay, our new fiat service, the Exodus ecosystem. Before I delve into details, let's explore why ExoPay is not just another payment solution, but a revolutionary force within Exodus. Our journey towards ExoPay began with the realization. We acknowledge that mainstream customers prioritize a frictionless experience. ExoPay is designed to provide the most frictionless experience for buying and selling crypto. We're not just aiming for a one-click solution, we're crafting an environment where users can easily navigate the crypto landscape with unparalleled ease.
As we embark on this journey with ExoPay, we're not just introducing a service, we're creating a competitive advantage. ExoPay aims to exceed mainstream expectations with a phased approach to market on-ramps and integration with platforms like Apple Pay and Google Pay. Looking ahead, ExoPay represents a strategic move, aligning seamlessly with our vision of guiding the world toward an exit from the traditional financial system. And it all comes down to making this easy for the mainstream. The mainstream consumer should be able to use the world of Web3 directly from their credit card or bank account, and that's what ExoPay is going to help to unlock. Shifting gears, for those who have questions or need help, Exodus support team remains the industry's most helpful by solving any problems that arise quickly and effectively.
They can act as your trusted friends in crypto and are standing by around the clock to support you. Please feel free to reach out. Our support staff makes an excellent reason to share Exodus with family and friends this holiday season. As always, I'd like to send my heartfelt thanks to our loyal customers and investors. You have empowered yourselves, and you have supported our mission to help the world exit the traditional financial system. Folks, that's all for me this quarter. So, Chris, please take us to the finish line.
Thanks, JP. Remember to visit our social channels to submit your questions for management for the third quarter. Now, you can expect direct responses from our investor relations team to each of your inquiries within 24 hours. That being said, thanks for joining us today.