Australian Crypto Gateway Solution Cuts Workforce by 40%

Australian Crypto Gateway Solution 

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Cryptocurrency payment gateway Banxa has decidedto reduce its workforce by more than 40%, AustralianFinancial Review reports.The company enables users to convertfiat currencies to digital currencies (and vice versa). Banxascommon shares commenced trading on the Toronto Stock Exchangeback in January under the TSX ticker. The listing initially resulted in amassive 90% rally, but the stock is now down more than 70% due to the cryptomarket drawdown.

In May, Banxa posted revenue growth of 99% year-over-year.Thecompany set up new entities in the U.S. and Turkey.Last year, Banxas staff grew to a total of 250 employees. However, CEO HolgerArians has now admitted that the company overhired. The painful changes werenecessary in order to weather the crypto market downturn, according to thechiefexecutive. As reported by U.Today, several major cryptocurrency companies,including Coinbase, BlockFi, and Bitpanda, laid off a substantial portionof their employees due to falling crypto prices.

  

Australian Based company Australian Crypto Gateway Solution Cuts Workforce by 40% after shifting to a new system that is integrated with U.S and Turkey payment providers Including Coinbase, Bankia, Banxa and Blockfi. The movie is part of an effort to  streamline the business by creating a single Platform that's connected to all its  current payments gate.

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