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Exodus Movement will cut about 25% of its global workforce as the crypto wallet company reorganizes around stablecoin payments and card infrastructure.
The company said the reduction is part of an operating realignment meant to lower costs, reset priorities and support its plan to build a full-stack card issuance and stablecoin payments platform.
Exodus Cuts Affect 77 Workers and Contractors
The restructuring is expected to affect about 77 employees and non-employee individual service providers, representing roughly one-quarter of Exodus’s global workforce.
Exodus said affected workers will receive severance, continued benefits and other transition support.
Most cash payments tied to the restructuring are expected to be paid over the next 12 weeks, while the plan is expected to be completed in the fourth quarter of 2026.
JP Richardson Links Layoffs to Stablecoin Payments Shift
Chief executive JP Richardson said the cuts impact people who helped build Exodus. He said the company needs a different structure for its next phase in payments.
The reduction is tied to Exodus’s move beyond its original self-custody wallet business and toward infrastructure for stablecoin payments, cards, and enterprise services.
Restructuring Could Save Up to $13M Annually
Exodus expects to record about $2.5 million to $3.5 million in pre-tax charges from the action, mainly from severance and personnel-related costs.
The company expects the cuts to generate about $10 million to $13 million in annualized cash operating expense savings.
The full benefit is expected to appear in 2027. The savings target gives Exodus a lower cost base as it integrates recently acquired payments businesses.
Monavate and Baanx Deals Drive Payments Integration
The move comes as Exodus continues integrating Monavate and Baanx, two payments infrastructure businesses it acquired this year. Monavate and Baanx provide card and payments infrastructure for fintech, crypto and enterprise clients.
Exodus said those acquisitions expanded its capabilities, customer base and geographic reach, but also required a review of the combined cost base and operating model. The company plans to integrate issuing, processing and regulatory capabilities into its consumer and enterprise products.
Exodus Expects Restructuring to Finish in Q4 2026
Exodus must now complete the workforce reduction while continuing the Monavate and Baanx integration. The company expects the restructuring plan to finish in the fourth quarter of 2026.
Exodus has not announced further cuts or a launch date for the expanded stablecoin payments platform.
