Wallet maker Exodus cuts a quarter of its workforce

Exodus Movement, the Omaha-based company behind the popular self-custody wallet, is laying off 25 percent of its global staff as it repositions itself around stablecoin payments and card infrastructure. The move follows two acquisitions — e-money institution Monavate and crypto payments firm Baanx — that Exodus now wants to fold into a single full-stack payments platform.

The restructuring will cost $2.5 to $3.5 million up front, mostly for severance, and is meant to trim $10 to $13 million from annual operating expenses by 2027. Investors gave the plan a modest nod: EXOD shares rose 2.2 percent on Monday, though they remain down 85 percent over the past year.

Nothing changes for wallet users today. The direction of travel is still worth noting: a company best known for self-custody software will increasingly earn its keep by processing payments. If Exodus is your daily driver, keep an eye on how the product evolves over the coming months.