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Exodus Movement to Cut 25 Percent of Workforce While Shifting to Stablecoin Payments
Exodus Movement will reduce its global staff by about 25 percent as it integrates recent acquisitions and builds a full-stack payments platform. The Omaha-based company expects $10 million to $13 million in annual savings by 2027.
Jul 20, 9:53 AM·1m read1 source
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Exodus Movement will cut about 25 percent of its global workforce as it shifts focus to stablecoin payments and card infrastructure. The Omaha, Nebraska-based company disclosed the restructuring in a filing Monday. The move follows its acquisitions of Monavate, an electronic money institution, and Baanx, a crypto payments firm, which expanded its payments capabilities.
Exodus expects to record pre-tax restructuring charges of $2.5 million to $3.5 million, mostly for severance and employee-related costs. Affected workers will receive severance, continued benefits and transition support. The changes are projected to generate $10 million to $13 million in annual cash operating expense savings, with the full benefit expected in 2027, CoinDesk reported.
EXOD shares rose 2.2 percent in early trading Monday but remain down nearly 85 percent from a year earlier.
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