Summary
- Exodus is laying off 25% of its global workforce to reduce costs while pivoting its business focus toward stablecoin payments and card infrastructure.
- This restructuring is part of a strategy to build a full-stack payments platform following the company’s acquisitions of Monavate and Baanx.
- The company anticipates $10 million to $13 million in annual cash operating expense savings by 2027, with restructuring charges of $3.5 million.
Crypto wallet firm Exodus Movement (EXOD) will cut about 25% of its global workforce as it reshapes its business around stablecoin payments and card infrastructure.
The Omaha, Nebraska-based company said in a filing the layoffs are part of a broader effort to lower costs while supporting its strategy of building a full-stack payments platform.
The restructuring comes as Exodus continues to integrate Monavate, an electronic money institution, and crypto payments firm Baanx, two acquisitions that have expanded its payments capabilities and international footprint.
Exodus said it expects to record pre-tax restructuring charges of between $2.5 million and $3.5 million, mostly tied to severance and employee-related costs. Affected workers will receive severance, continued benefits and transition support.
The company said the restructuring should generate annual cash operating expense savings of $10 million to $13 million, with the full benefit expected in 2027.
EXOD is higher by 2.2% in early trading Monday, but remains down nearly 85% year-over-year.