Australian Crypto Gateway Solution Cuts Workforce by 40%

Cryptocurrency payment gateway Banxa has decided to reduce its workforce by more than 40%, The Australian Financial Review reports.

The company enables users to convert fiat currencies to digital currencies (and vice versa).

Banxa’s common shares commenced trading on the Toronto Stock Exchange back in January under the TSX ticker. The listing initially resulted in a massive 90% rally, but the stock is now down more than 70% due to the crypto market drawdown.

In May, Banxa reported a 99% year-over-year revenue increase. The company set up new entities in the U.S. and Turkey.

Last year, Banxa’s staff grew to a total of 250 employees. However, CEO Holger Arians has now admitted that the company overhired. The “painful changes” were necessary in order to weather the crypto market downturn, according to the chief executive.

As reported by U.Today, several major cryptocurrency companies, including Coinbase, BlockFi, and Bitpanda, laid off a substantial portion of their employees due to falling crypto prices.