Banxa announced on June 27 that it will dismiss 30% of its staff. AustralianFinancialReview report.. Cryptocurrency operators said in a release that layoffs would add some means to mitigate the effects of crypto winter.
The company said it now has a “clear line to profitability” with its recently announced cost-cutting initiatives, including layoffs. He added that the cost reduction plan would ensure a stronger roadmap for its long-term success.
Take “decisive action”.
In a letter to employees, Banxa CEO Holger Arians said, “Banxa must now take decisive action to reduce costs, or we will not be able to succeed in the long run. I will. “
According to the release, the company said it would put EU operations and continental management at a disadvantage. As a result, Banxa’s European managing director, Jan Lorenc, is leaving the company.
The company said increasing profitability was a priority, including focusing on profitable sources. Therefore, cost reduction initiatives can help save over $ 10 million annually.
In addition, the company has expanded its sales (off-ramp) capabilities to support more coins and chains, strengthened its API to enable faster and more efficient onboarding of its partners, major US, European, and major. He said he would increase local payments in the APAC market.
In a statement to investors, CEO Holger Arians called the move a “responsible means of management.” He said:
