In preparation for a sharp market decline, cryptocurrency exchange Banxa (BNXA) has slashed over 70 workers, according to a Monday article in the Australian Financial Review. According to AFR, the change represents 30% of the workers of the Melbourne-based business. When the cryptocurrency market reached all-time highs last year, the company's personnel count soared to over 230.
According to AFR, the CEO of BANXA, Holger Arians, said in a letter to employees, “Banxa must take decisive actions to reduce costs now, or else our company won’t be able to succeed over the long run."
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