Svmuu News Nasdaq Exodus Movement, a publicly traded crypto wallet company, announced that it will cut approximately 25% of its global workforce to reduce operating costs and accelerate its transition into the stablecoin payments and payment card infrastructure sectors.
In a filing with regulators, Exodus stated that this restructuring is part of the company’s strategy to build a “full-stack payments platform.”By integrating its payment capabilities, the company aims to provide users with comprehensive solutions covering crypto assets, stablecoin payments, and financial services. The layoffs come as Exodus continues to integrate two acquired assets: the e-money institution Monavate and the crypto payments company Baanx. These two companies have further expanded Exodus’s footprint in the payments sector and international markets.
Exodus estimates that the restructuring will result in pre-tax costs of $2.5 million to $3.5 million, primarily from employee severance pay and related expenses.Affected employees will receive severance pay, continued benefits, and transition support. Once this restructuring is complete, it is expected to yield annual savings of approximately $10 million to $13 million in cash operating costs, with full cost optimization benefits anticipated by 2027.
Following the announcement, Exodus’s stock price rose by about 2.2% in early trading on Monday, though it remains down nearly 85% over the past year. The company stated that this organizational restructuring aims to free up resources for future growth in its payments business and drive its transformation into a stablecoin payments infrastructure company. (CoinDesk)