Crypto wallet company 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 statement that the layoffs were part of a broader effort to reduce costs while supporting its strategy to build a comprehensive payments platform.
The restructuring comes as Exodus continues to integrate Monavate, an electronic money institution, and crypto payments company Baanx, two acquisitions that have expanded its payments capabilities and international presence.
Exodus said it expects to record pre-tax restructuring charges of between $2.5 million and $3.5 million, primarily related to severance and personnel-related costs. Affected workers will receive severance pay, ongoing benefits and transition support.
The company said the restructuring is expected to generate annual cash operating expense savings of $10 million to $13 million, with the full benefit expected in 2027.
EXOD is up 2.2% in early trading Monday, but remains down nearly 85% year over year.
