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Seeking Alpha 2022-06-27 17:02:59

Crypto meltdown pushes Australia's Banxa to cut 30% of its headcount - AFR

Australian-based cryptocurrency payments operator Banxa has decided to slash its workforce by 30% to reduce costs in the wake of a broader downturn in the crypto market, the Australian Financial Review reported Monday. That's equivalent to 70 job layoffs bringing Banxa's headcount to 160 from a peak of abut 230 when cryptos topped in 2021, the AFR noted. The company "must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run," said CEO Holger Arians in a letter to staff, as reported by the AFR. On June 22, Arians told staff that his company had grown too fast and that a restructuring plan would take place due to poor market conditions. Banxa's move comes as a raft of crypto-focused firms take similar cost-cutting measures, including (CRO-USD), BlockFi, Coinbase Global (COIN) and Gemini. Looking at intraday price action, bitcoin (BTC-USD), which

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