Cryptocurrency wallet firm Exodus is cutting 25 percent of its workforce as it restructures its organisation. Cointelegraph reported recently that the layoffs are part of a strategy to strengthen stablecoin payments infrastructure and build a card issuance and payments platform.
Exodus said it is reducing headcount to adjust its cost structure and organisational priorities to fit a strategy to build a full-stack card issuance and payments platform. The announcement came after Exodus acquired Monavate and Vank. Exodus said at the time that buying the two companies would allow it to reduce reliance on external suppliers for services including stablecoin payments.
Exodus reported that it had 215 full-time employees as of Dec. 31 last year. Applying the cut suggests about 54 people could be affected.
Its shares also fell. Exodus Movement shares, traded as EXOD on the New York Stock Exchange, fell more than 8 percent after the start of trading on the 20th to $4.62.
Chi-kyu Hwang
delight@d-today.co.kr