Exodus to Cut 25% of Workforce and Shift Focus to Stablecoin Payment Infrastructure

According to ME News, on July 20 (UTC+8), cryptocurrency wallet company Exodus Movement (EXOD) announced plans to reduce its global workforce by approximately 25% to lower operating costs and shift business focus toward stablecoin payments and card payment infrastructure. In regulatory filings, Exodus stated that this restructuring is part of its strategy to build a full-stack payment platform. The company has recently been integrating its acquisitions of the electronic money institution Monavate and the crypto payment firm Baanx to expand its payment capabilities and global footprint. Exodus expects the layoffs to result in pre-tax restructuring costs of $2.5 million to $3.5 million, primarily covering severance and related expenses. Affected employees will receive severance compensation, continued benefits, and transition support. The company anticipates that, following the restructuring, annual cash operating expenses will be reduced by $10 million to $13 million, with these savings fully realized by 2027. On the market front, EXOD rose approximately 2.2% in pre-market trading on Monday, but its cumulative decline over the past year remains near 85%. This adjustment reflects the accelerating shift among crypto companies toward stablecoin payments and financial infrastructure. (Source: ChainCatcher)