On June 27th, Banxa laid off 30 percent of its staff, Australian Financial Review reported. The layoffs add to several measures to cushion the effects of the winter, according to the release.
The company said it has a clear line to profitability because of the cost-saving initiatives it has activated, one of which is the recently announced layoffs. It said that the cost-saving plans would ensure a more robust roadmap for its long-term success.
In a letter to employees, Holger Arians said that the company must take decisive actions to reduce costs now or else the company won't be able to succeed in the long run. The company said it would downside its E.U. as per the release. The executive team and operations team are on the continent. Jan Lorenc, Banxa's European Managing Director, will leave the company.
The company said that its priority is to increase its profitability, which includes directing its focus on higher-margin revenue streams. The cost-saving initiatives would help it save $10 million a year.
The company said it would expand its Sell offramp feature to support more coins and chains, improve its API to allow faster and more efficient onboarding of partners, and increase local payments in key American, European and APAC markets.
In a statement to investors, Holger Arians called the moves measures of responsible management. He said something.