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Exodus to cut 25% of staff to build card and stablecoin payments

The company expects 2027 to deliver the full effect of $10 million to $13 million in annualized operating expense savings, alongside $2.5 million to $3.5 million in pre-tax charges.

Reported · Written up by our desk · Market Structure

Cryptocurrency wallet company Exodus said it will cut 25% of its workforce as part of a restructuring aimed at building a full stack card issuance and payments platform. In a Friday notice, the company said the move is intended to better align its cost structure and priorities with its payments strategy.

Exodus’ plan follows acquisitions of Monavate and Baanx, which it said would reduce its reliance on third-party providers for services including stablecoin payments. The notice also said the company expects to recognize about $2.5 million to $3.5 million of pre-tax charges, primarily severance and related personnel costs.

The company expects the staff reduction to generate roughly $10 million to $13 million in annualized cash operating expense savings, with the full benefit expected in 2027. Exodus reported having 215 full-time employees as of Dec. 31, implying about 54 workers could be affected.

After the announcement, Exodus Movement stock on the NYSE under the ticker EXOD dropped by more than 8% to $4.62 since markets opened on Monday, according to Cointelegraph.

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