Exodus plans to lay off 25% of its workforce and shift to a stablecoin payment infrastructure strategy

According to CoinDesk, cryptocurrency wallet company Exodus Movement (EXOD) announced that it will cut about 25% of its global workforce to reduce operating costs and shift its business towards stablecoin payments and card payment infrastructure.

Exodus stated in regulatory filings that this restructuring is part of the company's strategy to build a full-stack payment platform. The company has been continuously integrating the acquired electronic money institution Monavate and cryptocurrency payment company Baanx to expand its payment capabilities and global business layout.

Exodus expects that this round of layoffs will result in pre-tax restructuring costs of $2.5 million to $3.5 million, mainly for employee severance and related costs. Affected employees will receive severance compensation, benefits continuation, and transitional support.

The company anticipates that after the restructuring is completed, it can reduce cash operating expenses by $10 million to $13 million annually, with related savings fully realized by 2027.

In the market, EXOD rose about 2.2% in pre-market trading on Monday, but its cumulative decline over the past year is still close to 85%. This adjustment reflects that cryptocurrency companies are accelerating their transformation towards stablecoin payments, financial infrastructure, and other business directions.