Message from our Founders

Hi team,

Today is a sad day we'd never thought we'd see. We have to say goodbye to 59 (~22%) colleagues and friends.

These wonderful people have worked with us side-by-side to help the world exit the traditional financial system. There are no easy ways to do a layoff in a remote company, but we're going to do our best.

Those Impacted

Those of you impacted will receive an email to your personal email address in less than one hour notifying you of next steps. All impacted employees will be offered the following:

• At minimum 8 weeks of severance, some will receive more for tenure.
• All accrued unused PTO will be paid.
• Vesting of stock through the end of 2022. Cliff will be waived.
• Health insurance reimbursement you’ve been using through the end of 2022.
• Keep all computers, phones, office furniture and equipment.

Those impacted will then receive information to schedule a 1:1 with the head of your respective department. Our priority over the next few days is to make time for you to be heard.

Decision

This wasn't a decision we made lightly. Before this decision, we cut all paid-media spend, reducing from $40M committed to $12M spent. We renegotiated our contracts to get reduced rates, and reduced all software subscriptions to the minimum necessary. Finally, we paused hiring.

This was not enough.

As the CEO, I believe any failures in our company are a direct reflection of my leadership choices. This is no exception.

The mistake I made was I allowed myself to be caught up in the euphoria of 2021 by encouraging hiring fast, no-matter the cost. In 2021, we grew from 75 people to 236 people. The golden-rule of hiring is to never exceed doubling the size of a company in one year and we shattered that rule.

Daniel and I are grateful these individuals were a part of our story. We appreciate their hard work and we wish them the best of luck on their journey. Our community is small and we hope to see our impacted team members remain committed to the movement ushered by this industry.

Outlook

While this decision was tough, this decision puts Exodus in a better position for long-term success. We remain optimistic on our future given we have a strong balance sheet, loyal customer-base, and the opportunity to make Exodus the go-to app to experience Web3. No other company can build beautiful experiences like Exodus, no other company cares for our customers like we do, and no other company has mission-driven individuals like we do.

JP and Daniel