Exodus to cut 25% of global workforce in payments shift
CoinDesk 2026-07-20 13:53:08
Context: Exodus Movement, a crypto wallet firm based in Omaha, Nebraska, is laying off 25% of its global workforce as part of a broader effort to lower costs and pivot its business focus toward stablecoin payments and card infrastructure. This restructuring follows the company's acquisitions of Monavate and Baanx, and aims to build a full-stack payments platform. The layoffs are expected to result in annual cash operating expense savings of $10 million to $13 million by 2027.
Key Facts
- Exodus Movement will cut about 25% of its global workforce, with affected workers receiving severance, continued benefits, and transition support.
- The restructuring is expected to generate annual cash operating expense savings of $10 million to $13 million, with the full benefit anticipated in 2027.
- Exodus acquired Monavate, an electronic money institution, and crypto payments firm Baanx, to expand its payments capabilities and international footprint.
- The company expects to record pre-tax restructuring charges of between $2.5 million and $3.5 million, mostly tied to severance and employee-related costs.
- Exodus's stock (EXOD) is up 2.2% in early trading, but remains down nearly 85% year-over-year.