Crypto wallet firm Exodus Movement (EXOD) will cut around 25% of its global workforce as it reshapes its business around stablecoin payments and card infrastructure.
The Omaha, Nebraska-based company said in a filing that the layoffs are part of a broader effort to lower costs while supporting its strategy to build a full-stack payments platform.
The restructuring comes as Exodus continues to integrate Monavate, an electronic banking institution, and crypto-payments firm Baanx, two acquisitions that have expanded its payments capabilities and international footprint.
Exodus said it expects to record pre-tax restructuring charges of between $2.5 million and $3.5 million, mostly related to severance and employee-related costs. Affected workers will receive severance pay, continued benefits and transition support.
The company said the restructuring should generate annual cash operating cost savings of $10 million to $13 million, with the full benefit expected in 2027.
EXOD is higher by 2.2% in early trading Monday, but is still down nearly 85% year-to-date.
