Australian crypto firm Banxa to cut 30% of staff

Crypto payments provider Banxa will lay off about 30% of its employees to reduce operating costs amidbear market, according to the Financial Review.

Layoffs at a Toronto Stock Exchange-listed company in Australia will affect approximately 150 people, according to reports.

«Like many others in our industry, [we]We expect another crypto winter, with trading volumes decreasing significantly. We've seen Banxa's market capitalization nearly halve in a matter of days, and the outlook is that these conditions are likely to continue for another 12 months,” said firm CEO Holger Arians.

Banxa provides global payment solutions that allow you to convert digital assets to fiat and vice versa.

According to LinkedIn, the company's employees include residents of Australia, Lithuania, the Philippines, the US, Canada, the UK and a number of other countries.

Previously, staff cuts due to adverse market conditions were announced in such cryptocurrency platforms as Gemini, Crypto.com, BlockFi, Bitso, Bitpanda and Coinbase.

The head of Binance, Changpeng Zhao, on the contrary, called the crypto winter the right time to expand the state.

The American company Ripple has opened an office in Toronto (Canada) with plans to hire up to 50 engineers.

Recall that the crypto derivatives exchange Bitget announced the expansion of the state by half over the next six months. Bitfinex and Tether have also decided to keep hiring.

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