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Aussie crypto firm Banxa announces to layoff 30% of its employees due to ongoing bearish market

On June 27, Australian-based crypto payments operator Banxa stated that it would lay off 30% of its workforce in order to decrease operational expenses during the ongoing bear market. The company provides a worldwide on-and-off ramp solution for converting digital assets to fiat currency. Banxa will allegedly reduce its workforce from 230 to 160 personnel.

As reported by The Australian Financial Review, “Banxa must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run,” wrote Holger Arians, Banxa’s CEO, in a letter to employees.

“Like many others in our industry, [we] are anticipating another crypto winter, with trading volumes declining significantly,” said the CEO. “We saw Banxa’s market capitalization nearly halve in a matter of days, and the forecast is that these conditions will most likely continue for another 12 months.”

Jan Lorenc, Banxa’s European Managing Director, is also expected to leave the firm, suggesting the corporation’s declining interest in the European market.

Banxa LinkedIn data shows that the company has employees in seven countries: Australia, Lithuania, the Netherlands, the Philippines, the United States, the United Kingdom, and Canada.

However, apart from this, many big crypto related companies, including Coinbase, Crypto.com, Gemini, BlockFi, and Robinhood, have cut the number of their employees.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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