Exodus Movement announced a layoff on July 17, 2026. The cut would reach roughly 25 percent of its global workforce, an exhibit the company filed with the SEC said1. Coin Insider reported on July 22 that the cut touches about 77 employees and contractors2. The company tied the move to a shift toward "full-stack card issuance and payments" built around stablecoins, the filing said.
18 rounds of layoffs on the record in 2026, the most of any year
Rounds of layoffs CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2026: 18
- 2019, 2020, 2021, 2022, 2023, 2024, 2025
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 2 |
| 2020 | 0 |
| 2021 | 0 |
| 2022 | 11 |
| 2023 | 12 |
| 2024 | 6 |
| 2025 | 5 |
| 2026 | 18 |
Stablecoins & Payments led rounds of layoffs in 2026, with two
Rounds of layoffs CryptoLately has verified in 2026, by the sector of the company
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| Stablecoins & Payments | 2 |
| Trading Venues & Brokerage | 1 |
| Layer 1s & Infrastructure | 1 |
| Institutional Custody & Asset Management | 1 |
| Wallets & Consumer Apps | 1 |
The move
“These decisions are never easy because they affect talented people who have helped build Exodus,” said JP Richardson, Exodus's co-founder and chief executive, in the filing1. “We are deeply grateful for their contributions and committed to supporting them through this transition. These actions position Exodus for its next phase as we build a full-stack payments platform that delivers meaningful, everyday utility,” he said.
Coin Insider reported that affected workers would get severance and continued benefits, with most cash payments going out over the following 12 weeks2. The filing put the cost of the cuts at $2.5 million to $3.5 million in pretax charges, mostly severance. Exodus expects those cuts to save $10 million to $13 million a year in operating expenses, with the full benefit landing in 20271.
Exodus before and after
The company built its business on self-custody crypto wallets. Those let users hold and swap digital assets while keeping control of their own keys, the filing said1. Exodus bought two payments firms, Monavate and Baanx, earlier in 2026. Those deals "materially expanded Exodus's capabilities, customer base, and geographic reach," the filing said. Coin Insider reported that the layoffs were meant to lower costs as the two acquisitions merged into one card and payments operation2. The restructuring plan should finish in the fourth quarter of 2026, Coin Insider reported.
What to watch
Coin Insider's July 22 report stayed silent on further cuts. It also skipped a launch date for the stablecoin payments platform the layoffs were meant to fund2. A future filing naming revenue from Monavate or Baanx, or a product launch for the combined card and payments business, would show whether the pivot behind the layoffs is paying off.
Sources
- Exodus Movement, Inc., "Exodus Announces Workforce Reduction to Focus on Full-Stack Stablecoin Payments Infrastructure," SEC Form 8-K, Exhibit 99.1, July 17, 2026, https://www.sec.gov/Archives/edgar/data/0001821534/000119312526308023/d63529dex991.htm
- Fhumulani Lukoto, "Exodus to Cut 25% of Workforce in Payments Reorganization," Coin Insider, July 22, 2026, https://www.coininsider.com/news/exodus-to-cut-25-of-workforce-in-payments-reorganization/