BlockBeats News, July 20th, Cryptocurrency wallet company Exodus Movement (EXOD) announced that it will lay off approximately 25% of its global workforce to reduce operating costs and steer the business towards stablecoin payments and card payment infrastructure.

Exodus stated in regulatory filings that this restructuring is part of the company's strategy to build a full-stack payment platform. The company has recently been integrating the acquired cryptocurrency institution Monavate and crypto payment company Baanx to expand its payment capabilities and global business presence.

Exodus expects that the layoffs will result in pre-tax restructuring costs of $2.5 million to $3.5 million, primarily for employee severance and related expenses. Affected employees will receive severance pay, continued benefits, and transition support.

The company anticipates that after the restructuring is completed, it will annually reduce $10 million to $13 million in cash operating expenses, with these savings fully realized by 2027.

In the market, EXOD was up approximately 2.2% in pre-market trading on Monday, but its cumulative decline over the past year is still close to 85%. This adjustment reflects that crypto companies are accelerating their transformation towards stablecoin payments, financial infrastructure, and other business areas.