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Baanx is a B2B2C 100% service provider for API-driven digital and crypto-friendly financial services, such as debit cards (physical and virtual), digital wallets, IBANs, CrypDrafts, remittance/FX, payment gateways, and more. With CL Technology, the brand also launches white-label, fully-managed applications to user communities, helping the world to mass-adopt the use of blockchain technology, digital assets, and cryptocurrencies.
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Crypto Wallet Company Exodus Lays Off 25%, Bets on Stablecoin Payment Sector
According to CoinDesk, crypto wallet company Exodus Movement (EXOD) announced it is laying off approximately 25% of its global workforce. This layoff is part of its strategic transformation — the company is shifting its business focus to stablecoin payments and card infrastructure, aiming to build a full-stack payment platform. The restructuring is expected to incur pre-tax expenses of $2.5 million to $3.5 million, primarily for severance pay and employee-related expenses, while simultaneously expected to save $10 million to $13 million in operating costs annually, with full benefits realized by 2027. Amid this restructuring, Exodus is continuing to integrate its two acquisitions — electronic money institution Monavate and crypto payment company Baanx. EXOD's stock price rose 2.2% in early trading on Monday, but remains down approximately 85% compared to the same period last year.
Exodus Cuts 25% of Global Workforce, Shifts Focus to Stablecoin Payments and Card Infrastructure
Odaily News: Exodus is laying off 25% of its global workforce to reduce costs and refocus its business on stablecoin payments and card infrastructure. The company stated that this restructuring is part of its strategy to build a full-stack payment platform following the acquisitions of Monavate and Baanx. It expects to save $10 million to $13 million in annual cash operating expenses by 2027, with restructuring costs of $3.5 million.