Exodus to cut 25% of staff in company reorganizationThe wallet company said it expected the layoffs to generate between $10 million and $13 million in savings as part of its strategy to build a full-stack card issuance and payments platform.
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Cryptocurrency wallet company Exodus announced it will reduce its workforce by 25% as part of a reorganization aimed at aligning its costs and priorities with a strategy to develop a full-stack card issuance and payments platform. This restructuring follows its acquisitions of Monavate and Baanx, moves intended to reduce Exodus’s reliance on third-party providers for services like stablecoin payments.
The company indicated that the layoffs would result in pre-tax charges of approximately $2.5 million to $3.5 million, mainly from severance and related personnel expenses. Exodus expects to achieve annual cash operating expense savings of between $10 million and $13 million from this initiative, with the full benefits projected to materialize by 2027.
As of December 31, 2023, Exodus reported having 215 full-time employees, implying that roughly 54 employees might be impacted by the cuts. Following the announcement, Exodus Movement’s stock price on the New York Stock Exchange (NYSE), trading under the ticker EXOD, declined by more than 8%, reaching $4.62 during Monday trading.
This move reflects Exodus’s shift to build a more integrated payments infrastructure and reduce dependency on external partners, positioning the company toward stablecoin payment capabilities as part of its longer-term strategic goals.