Australian Crypto Firm Banxa Cuts Its Staff by 30%

Crypto payments operator, Banxa, has announced that it would lay off 30% of its staff.

The lay off is meant to help the Australian crypto firm reduce operating costs amid the ongoing bear market.

Banxa is a global on-and-off ramp solution. It facilitates conversions between digital assets (including cryptocurrencies and NFTs) and fiat currencies.

Banxa’s European Managing Director Jan Lorenc is also set to leave the company.

Per LinkedIn, Banxa has employees across seven different countries, including Australia, Lithuania, the Netherlands, the Philippines, the United States, the United Kingdom, and Canada.

Specifically, Banxa will reportedly drop its staff from 230 employees to 160, toeing the line of Coinbase, Crypto.com, Gemini, BlockFi, and Robinhood, who have also slashed their employee count to better weather the upcoming crypto winter.

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