Cryptocurrency wallet company Exodus Movement (EXOD) will cut approximately 25% of its global workforce as it restructures its business around stablecoin payments and card infrastructure.
The Omaha, Nebraska-based company said in a filing that the job cuts are part of a broader effort to reduce costs while supporting its strategy to build a full-stack payments platform.
The reorganization comes as Exodus continues to integrate e-money institution Monavate and cryptocurrency payments company Baanx, two acquisitions that have expanded its payments capabilities and international footprint.
Exodus said it expects to record pre-tax restructuring charges of $2.5 million to $3.5 million, most of which will relate to severance and employee-related costs. Affected workers will receive severance pay, continuing benefits and transition assistance.
The company said the restructuring is expected to reduce cash operating expenses by $10 million to $13 million annually, with full benefits not expected until 2027.
EXOD rose 2.2% in early trading Monday, but is still down nearly 85% year-over-year.
