Crypto wallet company Exodus is laying off 25% of its global workforce as it pivots to stablecoin payments and card infrastructure. The move is expected to generate $10 million to $13 million in annual savings.
The layoffs and strategic shift signal Exodus's efforts to streamline operations and enhance its competitive position in the evolving cryptocurrency payments landscape.
Crypto wallet firm Exodus is laying off approximately 25% of its global workforce as part of a strategic pivot towards stablecoin payments and card infrastructure. The company aims to reduce costs while building a comprehensive payments platform, integrating its recent acquisitions of Monavate, an electronic money institution, and Baanx, a crypto payments firm.
Exodus anticipates recording pre-tax restructuring charges ranging from $2.5 million to $3.5 million, primarily covering severance and related employee costs. Affected employees will receive severance packages, continued benefits, and transition support.
The restructuring is projected to yield significant cost savings, with annual cash operating expenses expected to decrease by $10 million to $13 million, with the full impact anticipated by 2027. Exodus Movement stock on the NYSE under the ticker EXOD dropped by more than 8% to $4.62 since markets opened on Monday.
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