Exodus Axing Quarter of Workforce Amid Stablecoin Push

Exodus, a crypto wallet company, has announced that it will be cutting around 25% of its global workforce, affecting approximately 54 employees. The move is part of the company's efforts to reorganize around a full-stack stablecoin payments platform.

The restructuring is expected to result in annualized cash operating expense savings of between $10 million and $13 million by 2027. Exodus has cited current market conditions, the integration of Monavate and Baanx, and its card issuance and payments strategy as reasons for the decision.

Co-founder and CEO JP Richardson acknowledged the impact on employees while emphasizing the need to support payment card issuance through networks such as Visa, Mastercard, and Discover across key markets.