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The payment service of digital assets Banxa, citing the difficult economic situation, is curtailingdevelopment of the market in the European Union, reducing costs.
The Australian operator of the service announced that it was laying off 40% of its staff.The Banxa team suggests that it has stated that the bearish trend in the market will bepersist for at least another year.
Thanks to the bullish trend in 2021, Banxa has made significant progress and expanded its team. The service market has expanded beyond Australia, in particular to Indonesia.
After abandoning the European direction, the company plans to focus its activities on the markets of Australia and the Philippines. European Managing Director Jan Lorenc will leave the company.
In an email to employees, CEODirector Holger Arians explained that the company must take "decisive action to cut costs now or it will not be successful in the long term."
“Despite the fact that we have cut several timesbudget and employee costs remain too high for us to continue operating. We hoped to make gradual adjustments to Banxa’s business, but macroeconomic conditions made their own adjustments,” explained the CEO.
Regardless, Arians still believes the company can become an important infrastructure player in the Web3 universe. In his opinion, the cryptowinter may coincide in time with the recession in the United States.
While other crypto exchanges are laying off staff amid market instability, Binance plans to hire 200 professionals.
