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The wallet company said it expected the layoffs to generate between $10 million and $13 million in savings as part of its strategy to build a full-stack card issuance and payments platform.<\/p>\n
Cryptocurrency wallet company Exodus will cut a quarter of its workforce in a restructuring move toward stablecoin payments infrastructure.<\/p>\n
In a Friday notice, Exodus said<\/a> it would cut 25% of its staff\u00a0to \u201cbetter align its cost structure and organizational priorities with its strategy to build a full-stack card issuance and payments platform.\u201d The announcement followed the wallet company\u2019s acquisition<\/a> of Monavate and Baanx, which it said at the time would lessen its dependence on third-party providers for services including stablecoin payments.<\/p>\n \u201cExodus expects to recognize approximately $2.5 million to $3.5 million of pre-tax charges in connection with the action, consisting primarily of severance and related personnel costs,\u201d said the notice. \u201cThe Company expects the action to generate approximately $10 million to $13 million of annualized cash operating expense savings and to see the full benefit of these savings in 2027.\u201d<\/p>\n