Australia-based Crypto Company Banxa to Fire 30% of Staff

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Cryptocurrency payment provider Banxa will lay off about 30% of employees to cut operating costs in a bear market, Financial Review has reported.

The layoffs at a Toronto Stock Exchange-listed company in Australia will affect approximately 150 people.

The company CEO Holger Arians has said:

“Like many others in our industry, we are looking forward to another crypto winter, with trading volumes significantly reduced. We have seen Banxa’s market capitalization almost halve in a matter of days, and the forecast is that these conditions are likely to continue for another 12 months.”

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.

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