The Australian cryptocurrency operator – Banxa – believes the ongoing bear market will be present for at least another year, which is why the company decided to dismiss almost half of its employees.
Prompted by the cryptocurrency bull market in 2021, Banxa experienced significant progress and expanded its team to 250 people. It also stretched outside Australia as some of its employees are based in Indonesia.
However, due to the recent bearish market movements, Banxa had to introduce certain cost-cutting measures, such as canceling events and reducing the total workforce to 150 individuals.
Following the changes, the company will focus its operations on the Australian and the Philippines markets. It is worth noting that European Managing Director – Jan Lorenc – will also depart from the firm, meaning that Banxa’s ambitions to expand on the Old Continent will be halted for now.
In an email addressed to the employees, CEO Holger Arians explained that the organization must take “...
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