Aussie crypto firm slashes staff among ongoing “winter”

One of the most popular local crypto payments operators, Banxa, will reduce its workforce by 30 per cent in a bid to weather the ongoing “crypto winter”.

“Banxa must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run,” Banxa CEO, Holget Arians, said in an email that was sent to employees and sighted by the AFR.

Banxa was one of the firms hit hard by recent volatility, losing nearly half of its market capitalisation in just a few days. The redundancies will allow the company to maintain liquidity through what is now expected to be a prolonged downturn in digital assets.

“The forecast is that these conditions will most likely continue for another 12 months,” Arians noted in the communication.

Perhaps the highest profile loss for the company will be the European Managing Director, Jan Lorenc. There doesn’t seem to be a replacement planned in the immediate future, suggesting that Banxa will be significantly reducing operations in Europe.

The company currently has a presence in Australia, Lithuania, the Netherlands, Philippines, the US, Canada and the UK.