Exodus Axes 25% of Workforce Amid Stablecoin Payments Pivot

Exodus, a crypto wallet company, has laid off about 25% of its global workforce as it reorganizes around a full-stack stablecoin payments platform. The company expects to save between $10 million and $13 million in annual cash operating expenses by 2027.

The layoffs will primarily affect the company's existing operations, with Exodus stating that affected workers will receive severance packages and continued benefits during the transition. The company cited current market conditions and its ongoing integration of Monavate and Baanx as factors behind the decision.

Exodus acquired all outstanding shares in Monavate Holdings and Baanx.com for approximately $76.27 million in May. The combined operation is intended to reduce Exodus's reliance on outside payment providers and provide card-issuing capabilities in key markets, including the US, UK, and European Union.

The company's co-founder and CEO, JP Richardson, acknowledged the impact of the decision on employees while emphasizing the need for a leaner cost base to support its payments expansion plans. Exodus will continue integrating the acquired businesses and directing resources toward cards, stablecoin settlement, and infrastructure connecting those services to its existing wallet platform.