Exodus to Lay Off 25% of Workforce as Company Shifts Toward Payments

Crypto wallet company Exodus Movement is cutting roughly 25% of its global workforce as it repositions its business toward stablecoin payments and card infrastructure. The Omaha, Nebraska based firm disclosed the move in a regulatory filing, describing it as part of a broader push to lower costs while building out a full stack payments platform.

The layoffs come as Exodus works to integrate two recent acquisitions, Monavate, an electronic money institution, and Baanx, a crypto payments company. Both deals have expanded the company’s payments capabilities and international reach.

Cost Savings Expected Through 2027

Exodus said it anticipates pre-tax restructuring charges between $2.5 million and $3.5 million, largely tied to severance pay and other employee related costs. Workers affected by the cuts will receive severance packages, continued benefits, and support during the transition.

Financial Outlook

The company expects the restructuring to deliver annual savings of $10 million to $13 million in operating expenses, with the full impact showing up by 2027. Despite the layoffs, Exodus shares were up 2.2% in early Monday trading. Still, the stock remains down nearly 85% compared to a year ago.