Exodus Wallet Lays Off 25% of Staff to Focus on Payments

Exodus Movement is restructuring its business by cutting 25% of its global workforce. The decision impacts roughly 77 employees and contractors as the company moves to prioritize a full stack payments platform. To cover severance and transition support, the firm expects to take charges between 2.5 million and 3.5 million dollars, though it anticipates significant long term annual savings.

This shift centers on the company recent acquisitions of payment firms Monavate and Baanx. By moving into card issuance and stablecoin settlement, Exodus hopes to reduce its heavy reliance on crypto trading revenue, which has been hit hard by shifting market cycles. The company faced a challenging first quarter with revenue falling 37% compared to last year.

Wall Street analysts remain interested in the company potential to diversify its income. While the stock has struggled significantly over the past year, some market observers believe the payments infrastructure could provide a new path for growth. Investors will be watching closely to see if this pivot can successfully stabilize the company revenue stream in the coming years.