Exodus to cut 25% of staff in company reorganization
The 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.
Cryptocurrency wallet company Exodus will cut a quarter of its workforce in a restructuring move toward stablecoin payments infrastructure.
In a Friday notice, Exodus said it would cut 25% of its staff to “better align its cost structure and organizational priorities with its strategy to build a full-stack card issuance and payments platform.” The announcement followed the wallet company’s acquisition of Monavate and Baanx, which it said at the time would lessen its dependence on third-party providers for services including stablecoin payments.
“Exodus expects to recognize approximately $2.5 million to $3.5 million of pre-tax charges in connection with the action, consisting primarily of severance and related personnel costs,” said the notice. “The Company expects the action to generate approximately $10 million to $13 million of annualized cash operating expense savings and to see the full benefit of these savings in 2027.”