Spaghettoshi

On Friday we reduced our global workforce by about 25 percent. This decision was mine. To everyone affected, thank you. You built products that millions of people use and were part of creating a world-class company. That work is the foundation of what Exodus is today. Everyone affected will receive 12 weeks of salary, continued equity vesting through year-end, and support toward continued medical coverage. I made this decision because Exodus is transitioning from crypto speculation to payments and we were staffed for the company we used to be. Keeping that structure in place would have been a much easier decision, but the wrong one. For a decade, almost all of our revenue rose and fell with the crypto markets. Meanwhile, stablecoins have become one of the largest money networks on earth. Stablecoin transaction volume has grown to more than $10 trillion, but nearly all of it still moves between institutions. Stablecoins aren’t yet buying groceries or helping you pay your rent. The missing consumer layer is the biggest opportunity in payments. That’s the opportunity Exodus is stepping into. The money layer of the internet is being rebuilt, and it’s being rebuilt on stablecoins. Being a payments company means three things for us: 1. Creating stablecoin infrastructure. For consumers, businesses, and AI agents. 2. Owning the full payments stack. Exodus is bringing card issuance, processing, and settlement through Monavate under one roof. Very few companies own every layer. We do. 3. Scaling Exodus Pay. Everyday money, for millions of people, built on self-custody. A card that works anywhere and transactions that settle in seconds. To everyone at Exodus, I spent most of Friday talking to you about this vision and I’ll keep doing it. The best way to honor the work everyone has put into Exodus is to turn it into what it was always meant to be: money you can spend anywhere, that always stays under your control.