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Exodus to cut 25% of staff as it pivots to stablecoin payments

The company expects $10 million to $13 million in annual cash operating expense savings by 2027 after recording $2.5 million to $3.5 million in pre-tax restructuring charges.

Reported · Written up by our desk · Stablecoins

Exodus Movement will cut about 25% of its global workforce as it reshapes its business around stablecoin payments and card infrastructure, according to CoinDesk.

The company, based in Omaha, Nebraska, said the layoffs are part of a broader cost reduction effort while it integrates its recent acquisitions of Monavate, an electronic money institution, and Baanx, a crypto payments firm.

Exodus expects to record pre-tax restructuring charges of between $2.5 million and $3.5 million, mostly related to severance and employee-related costs, and said affected workers will receive severance, continued benefits, and transition support.

CoinDesk reports that Exodus anticipates $10 million to $13 million in annual cash operating expense savings by 2027, with the full benefit expected in that year.

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