Australian Crypto Exchange Banxa Cuts 70 Staff

Crypto exchange Banxa has cut over 70 jobs in anticipation of a steep market downturn, Australian Financial Review reported Monday.

The move represents 30% of the Melbourne-based company's workforce, AFR said. The company's headcount peaked at more than 230 employees last year when the crypto market hit record highs. “Banxa must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run," CEO Holger Arians said in a letter to employees, according to AFR. The decision was conveyed to staff last Wednesday, with Arians telling employees that the company grew too quickly and that extensive redundancy would occur as market conditions worsened.

Banxa's joins other crypto companies reducing headcount in an effort to save costs as bitcoin prices fall, causing a decline in customer sentiment and trading volumes. In the past month alone, Coinbase cut over a fifth of its workforce, while

BanxaOfficial shauryamalwa crypto companies shit in their pants once Bitcoin drops by 50%. Will they re-hire staff once bitcoin is above $40,000? 🤦‍♂️

BanxaOfficial shauryamalwa Not a good move IMHO, but cutting staff is the traditional 'easy way'

BanxaOfficial shauryamalwa You know something's wrong with your organization if a single bear market breaks the backbone of your company.

BanxaOfficial shauryamalwa How did none of these companies know about bear markets? So irresponsible it's unbelievable they couldn't plan better

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