Publicly listed Australian cryptocurrency operator Banxa is battening down the hatches in the expectation of a “crypto winter” that its chief executive predicts will last for another year, laying off 40 per cent of its staff as falling trading volumes hit revenue.
Holger Arians: “Banxa must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run.” Having rapidly expanded its staff last year to about 250 globally, including international employees in Europe and Indonesia, the company had recently begun introducing cost-cutting measures, including the cancellation of all internal events, such as dinners and drinks, at the end of May.
A spokesman for Banxa said the company would now be leaner and more focused, and would be able to better prioritise higher margins and profitability in the face of current industry headwinds.
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