Exodus cuts 25% of staff to focus on stablecoin payments

Cryptocurrency wallet provider Exodus Movement is laying off a quarter of its global workforce as part of a major restructuring to pivot its business toward stablecoin payments and card infrastructure. The Omaha, Nebraska-based company announced the cuts, which will affect approximately 54 of its 215 full-time employees, in a regulatory filing on July 17. The move follows the company's recent acquisitions of payments firms Monavate and Baanx.

The restructuring is designed to align the company's cost structure with its new strategic focus on building an integrated, full-stack platform for card issuance and stablecoin-powered payments. Affected employees will receive severance packages, extended healthcare benefits, and career transition support. The company expects to incur pre-tax restructuring charges between $2.5 million and $3.5 million, primarily for severance payments.

Exodus projects the changes will yield annual cash operating expense savings of $10 million to $13 million, though the full financial benefit is not expected until 2027. The workforce reduction aims to streamline operations during the ongoing integration of Monavate, a licensed electronic money institution,...