The Australia crypto payments operator Banxa joins crypto exchanges like Bybit and Vauld in slashing 30% of its staff amid a worsening crypto winter, Decrypt reports.
The move will see Banxa decrease staff from 260 people today to 160, with 70 people ultimately affected by the downsizing.
"Banxa must take decisive actions to reduce costs now, or else our company won't be able to succeed over the long run," warned Banxa CEO Holger Arians in a message to staff.
The crypto payments operator blamed declining trading volumes and pointed out its hyper-growth model over the previous 18 months was no longer sustainable. "Our employee costs remain too high for us to be able to continue to operate in our current structure," said Arians.
“We were working to manage large trading volumes and investing in new products and new markets to support our partners. With the sudden economic downturn, we’ve had to very quickly manage costs and reduce our focus to core, revenue-generating initiatives,”...
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