Cryptocurrency wallet provider Exodus Movement Inc. announced Monday it will lay off approximately 25% of its workforce as part of a strategic reorganization aimed at building a full-stack card issuance and payments platform. The company said the cuts are expected to generate between $10 million and $13 million in annual savings.
“This reorganization positions Exodus to become a complete financial services platform, not just a wallet,” CEO J.P. Richardson said in a statement. “We’re shifting resources from broad product experimentation to a focused strategy around card issuing, payments, and regulatory-compliant fiat on-ramps.”
The layoffs affect roles across engineering, product, and operations. Exodus employed roughly 200 people prior to the cuts, according to LinkedIn data. The company said affected employees will receive severance packages and outplacement support.
Founded in 2015, Exodus built its reputation on a user-friendly multi-asset wallet with built-in exchange functionality. The desktop and mobile apps support over 260 cryptocurrencies and have processed more than $50 billion in transaction volume. But the wallet market has become increasingly competitive, with rivals like MetaMask, Phantom, and Trust Wallet dominating specific ecosystems.
The pivot to card issuing follows a broader industry trend. Competitors including Coinbase, Crypto.com, and Wirex have launched Visa- or Mastercard-branded cards that allow users to spend crypto at traditional merchants. Exodus aims to differentiate by offering a white-label card platform that other companies can integrate, creating a B2B revenue stream alongside its consumer wallet.
“The wallet business alone is a tough moat to defend,” said Lex Sokolin, partner at Generative Ventures. “Moving into card issuing and payments infrastructure creates recurring revenue and deeper user lock-in. It’s a logical evolution, but execution risk is high.”
Exodus went public via a Regulation A+ offering in 2021 and trades on the ticker EXOD. Shares closed Monday at $8.42, down 3% on the day. The company reported $18.7 million in revenue for Q1 2026, with wallet-related fees accounting for the vast majority.
Source: Cointelegraph
