Crypto Wallet Company Exodus Lays Off 25%, Bets on Stablecoin Payment Sector

TechFlow news, July 20, according to CoinDesk reports, crypto wallet company Exodus Movement (EXOD) announced laying off approximately 25% of its global workforce. This layoff is part of its strategic transformation—the company is shifting its business focus to stablecoin payments and card infrastructure, committed to building a full-stack payment platform. The restructuring is expected to incur pre-tax charges of $2.5 million to $3.5 million, primarily for severance and employee-related expenses, while expected to save $10 million to $13 million in operating costs annually, with full benefits to be realized in 2027. Against the backdrop of this restructuring, Exodus is continuing to integrate its two acquisitions—electronic money institution Monavate and crypto payment company Baanx. EXOD stock price rose 2.2% in early trading on Monday, but is still down approximately 85% compared to the same period last year.