Exodus, a cryptocurrency wallet developer, will cut a quarter of its workforce as part of a reorganization toward stablecoin payment infrastructure.
The company said the layoffs will help align cost structure and priorities with its strategy to build a full-fledged card issuance and payments platform. The decision follows the acquisitions of Monavate and Baanx, which Exodus says will reduce reliance on third-party service providers, including for stablecoin payments.
The cuts are expected to generate $10 million to $13 million in annual operating expense savings, with the full effect materializing in 2027.
Shlomi Daniel Leon and Hanoch "Nuke" Goldstein, co-founders of the bankrupt crypto platform Celsius, have been ordered to pay over $6 million to settle claims by the Federal Trade Commission (FTC).
The regulator alleges they misled clients about the platform's reliability before its collapse. Former CTO Goldstein must pay $2.014 million, and former strategy chief Leon must pay $4.1 million. Both are also banned from promoting or selling products related to crypto asset operations.
The settlement continues the fallout from Celsius's collapse in 2022. The case extends beyond that of former CEO Alex Mashinsky.
At its peak, the platform held $25 billion in assets, and at the time of bankruptcy, it owed users $4.7 billion. According to the FTC, the company falsely assured clients that it had sufficient reserves for payouts, had $750 million in insurance, and did not issue unsecured loans.
The London Stock Exchange (LSE) plans to launch a night trading platform in the first half of 2027, joining a growing number of global exchanges with near-24-hour operations.
According to the Financial Times, the new platform will operate separately from the main market, from 5:00 PM to 7:50 AM London time. At launch, it will offer access to exchange-traded products tracking UK and US equity markets. The main market will continue to operate during regular hours, from 8:00 AM to 4:30 PM.
The move is linked to growing competition from crypto markets and tokenized stock platforms that trade around the clock.