Crypto payment operator Banxa announced it is cutting more than 30% of its workforce to reduce operating costs amid the ongoing bear market, according to The Australian Financial Review.
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The Australian firm is a global on-and-off ramp solution, facilitating conversions between digital assets (including cryptocurrencies and NFTs) and fiat currencies.
The firm recently hired to 250 employees citing it self that is was an over hire on their side. These employees based in different countries according to LinkedIn .
The crypto shock wave acted as a catalyst for the move. Some investor see the move as positive for it shows will for the company survival making it attractive for investment and some see it as a sign of bad performance and future bad performance taking a bearish position on them
