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Australia-based cryptocurrency exchange Banxa is the latest crypto platform to cut off its workforce amid the ongoing crypto winter.
Australia's Banxa Fires 40% of Staff
According to a report from a local publication, publicly listed Australian crypto firm Banxa would be laying off its workforce by more than 40%. In light of the 'worsening market conditions,' the company's chief executive Holger Arians said that the company had grown too quickly and that a restructuring plan, including extensive redundancies, would occur. The restructuring plan includes cutting off its workforce to approximately 150, with most of its operations centralized in the Australian and Philippines markets. The company's European managing director Jan Lorenc will also be leaving. He was previously charged with heading up Banxa's expansion ambitions into new European markets. Banxa is a cryptocurrency payments operator which provides an on-and-off ramp solution to enable the conversion of cryptocurrencies and non-fungible tokens (NFTs) into fiat currencies and vice-versa.
Companies Facing the Hit of Crypto Winter
The layoffs at Banxa are the latest example of crypto companies feeling the crunch of a market crash and reducing their employee headcount to cope. For instance, cryptocurrency exchange Coinbase revealed it was cutting almost a fifth of its workforce this month. Others including Crypto.com, Bitso, Buenbit, Bitpanda, Gemini Exchange, and lending platform BlockFi have also announced notable cuts.