Cody McGrath 
As crypto job layoffs continue Banxa is preparing to reduce the size of its workforce by a staggering 30%
Banxa lays off 30% of workers to rescue itself
Australian crypto giant Banxa seeks to rescue itself by terminating the employment contracts of a cross-section of its staff as the crypto winter shows no signs of ending.
An internal message from the Australian cryptocurrency company Banxa announced that it will be firing 30% of its staff due to the potential for a prolonged crypto winter. The company will reduce its personnel from the highs of 230 it attained through a quick expansion strategy to 160 as a result of the move.
Higher profits remain achievable
The decision to revoke employee contracts was a serious one, according to Holger Arians, CEO of Banxa, and the management team is in a “solemn” frame of mind. But in order to “succeed over the long run,” the company had to bite the bullet.
A spokeswoman for Banxa backed up Arian’s claim, noting that despite the challenging macroeconomic environment facing the sector, the company will be able to target higher profits. Although stressing that Banxa is a “veteran company of numerous industry cycles” with a strong balance sheet, the spokesman maintained optimism about the company’s future.
Crypto jobs layoff continue
The move by Banxa to fire employees is the latest in a long series of personnel decisions made by crypto companies. Within days of Coinbase‘s announcement that it was reducing employees by 20%, Gemini and BlockFi followed suit.
In addition to the layoffs, the scandals involving Terra, Celsius, and other loan firms collapsing under the strain of the upheaval shocked the industry. The market capitalization of the entire sector fell below $1 trillion for the first time in 18 months as Bitcoin (BTC) soared to $18,000.