Australian Banxa Becomes Latest Crypto Exchange to Slash Workforce

Australian Crypto Exchange

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Categories: Cryptocurrency

Australian Banxa Becomes Latest Crypto Exchange to Slash Workforce

Cryptocurrency exchange Banxa has nearly halved its workforce after its trading volume declined due to the bearish crypto market. According to the Australian Financial Review on Monday (June 27, 2022), Banxa initially experienced exponential growth, leading the company to increase its global employee headcount to 230.

More cryptocurrency firms for the crypto winter Ariane also noted that the company was not enthusiastic about laying off some of its employees, but said that the painful changes were a result of Banxa's dwindling trading revenue. Australian cryptocurrency exchange is the latest firm in the industry to lay off its staff in response to the crypto market pullback. Earlier in June, Coinbase announced that the company's team would be slashing 18%.

According to a recent report by Crypto.news, the current crypto market situation has also affected sponsorship deals worth several million dollars. At the time of writing, the total crypto market capitalization stands at $974 billion, according to data from CoinGecko.

This figure is a sharp decrease from the $3 trillion milestone recorded in November 2021. Bitcoin price which has seen a 70% drop from its all-time high (ATH) is currently trading at $20,653, while Ether (ETH) is down 75%. From the peak of its price, the value is $1200.

Australian Banxa has become the latest cryptocurrency exchange to slash its workforce, as the company is facing a squeeze in liquidity over the past few months. The exchange still remains open and available to customers, but it is cutting its staff due to low trading volumes across the board.

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