Exodus cuts 25% of its workforce to reduce costs and focus on stablecoin payments and card infrastructure

PANews July 20 news, citing CoinDesk, that Exodus Movement (EXOD) will lay off about 25% of its global employees to cut costs and shift its business focus to stablecoin payment and card payment infrastructure. In its latest filing, the company said the restructuring is part of its strategy to build a full payments stack platform following its acquisition of electronic money institution Monavate and crypto payments company Baanx. Exodus expects to accrue about $2.5 million to $3.5 million in pre-tax restructuring expenses, mainly for severance and employee-related costs, and expects to save about $10 million to $13 million per year in cash operating expenses by 2027. The EXOD share price rose about 2.2% in early trading, but is still down nearly 85% compared with the same period last year.