Exodus Cuts 25% of Staff in Pivot to Payments Platform

Exodus is making some big changes to its internal team. The company behind the popular crypto wallet announced it is cutting its workforce by 25 percent. This decision is part of a larger plan to reorganize how the business operates and where it spends its money.

The layoffs are tied to a new direction for the company. Exodus wants to move beyond simple storage and build its own card issuance and payments platform. By focusing on these new tools, the firm hopes to create a more complete experience for users who want to spend their crypto in the real world.

These job cuts are expected to save the company a significant amount of money. Exodus estimates it will save between 10 million and 13 million dollars because of the reorganization. This extra cash will likely go toward building the infrastructure needed for their upcoming payment services.

For the broader market, this move shows how even established crypto companies are tightening their belts. Many firms are looking for ways to stay efficient while building new products that bring in more revenue. Watch for updates to the Exodus app as they roll out these new payment features in the future.