Benchmark backs Exodus after 25% workforce cut, says stablecoin pivot is being overlooked

Benchmark Capital has thrown its support behind cryptocurrency wallet firm Exodus following a significant 25% reduction in its workforce, projecting that the restructuring will yield $10 million to $13 million in annual cost savings. While the focus is on the layoffs, Benchmark emphasizes the overlooked pivot towards stablecoins, which could present a substantial growth opportunity for the company. This backing underscores the venture capital community's continued faith in the crypto industry despite ongoing market volatility and regulatory scrutiny.