Australian crypto firm Banxa to cut about 30% of staff

Banxa, a crypto-payments provider, will lay off around 30% of staff to cut operating costs in a bear market, according to the Financial Review.

The layoffs at the Toronto-listed Australian company are expected to affect about 150 employees.

“As with many others in our industry, we expect another crypto winter, with trading volumes down significantly. We have seen Banxa’s market capitalization fall by almost half in a matter of days, and the forecast is that these conditions are likely to persist for another 12 months,” said Holger Arians, the firm’s CEO.

Banxa provides global payment solutions that enable the conversion of digital assets into fiat and back.

According to LinkedIn, among the company’s employees are residents of Australia, Lithuania, the Philippines, the United States, Canada, the United Kingdom, and several other countries.

Earlier, reports of staff cuts due to unfavourable market conditions emerged at crypto platforms such as Gemini, Crypto.com, BlockFi, Bitso, Bitpanda and Coinbase.

Binance chief Changpeng Zhao, by contrast, described crypto winter as an opportune time to expand the workforce.

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

Earlier, the crypto derivatives exchange Bitget announced a doubling of its staff over the next six months. Bitfinex and Tether have also decided to continue hiring employees.

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