Banxa to layoff 30% of workforce to shelter the “crypto winter”
Banxa announced on June 27 that it is laying off 30 percent of its staff, Australian Financial Review reported. The cryptocurrency operator said in the release that the layoffs add to several measures to cushion the effects of the crypto winter.
The company said it now has a “clear line to profitability” owing to the cost-saving initiatives it activated, one of which is the recently announced layoffs. It added that the cost-saving plans would ensure a more robust roadmap for its long-term success. The company noted that its priority is increasing its profitability, which includes directing its focus to higher-margin revenue streams. Therefore, the cost-saving initiatives would help it save over $10 million per year.