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Exodus plans to lay off 25% and shift to a stablecoin payment infrastructure strategy

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ME News, July 20 (UTC+8), crypto wallet company Exodus Movement (EXOD) announced it will lay off about 25% of its global employees to reduce operating costs and shift its business toward stablecoin payment and card payment infrastructure. Exodus said in regulatory filings that this restructuring is part of the company’s strategy to build an end-to-end payments platform. The company has recently continued integrating the acquired e-money institution Monavate and the crypto payments company Baanx to expand its payment capabilities and global footprint. Exodus expects the layoffs to result in $2.5 million to $3.5 million in pre-tax restructuring costs, mainly for employee severance and related expenses. Affected employees will receive severance compensation, benefit continuation, and transition support. The company expects that after the restructuring is completed, it can reduce annual cash operating expenses by $10 million to $13 million, with the related savings fully reflected in 2027. In the market, EXOD was up about 2.2% in Monday’s premarket, but its total decline over the past year still remains close to 85%. This adjustment reflects that crypto companies are accelerating their transition toward business lines such as stablecoin payments and financial infrastructure. (Source: ChainCatcher)
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