The Financial Review reported that crypto payments provider Banxa will be laying off about 30% of its employees to reduce operating costs in the bear market.

According to reports, the layoffs at a company listed on the Toronto Stock Exchange in Australia will affect around 150 people.

“Like many in our industry, [мы] We look forward to another crypto winter as trading volumes decline significantly. “We saw Banxa’s market value nearly halve within a few days, and these conditions are predicted to continue for another 12 months.”

Banxa provides global payment solutions that allow you to convert digital assets into fiat or vice versa.

According to LinkedIn, the company’s employees include residents of Australia, Lithuania, the Philippines, the United States, Canada, the United Kingdom, and a number of other countries.

Previously, staff cuts were announced due to adverse market conditions at crypto money platforms such as Gemini, Crypto.com, BlockFi, Bitso, Bitpanda and Coinbase.

Binance head Changpeng Zhao, by contrast, described the crypto winter as the right time to expand staff.

The American company Ripple has opened an office in Toronto (Canada) and plans to hire up to 50 engineers.

Recall that the crypto derivatives exchange Bitget announced that in the next six months the state is expanding by half. Bitfinex and Tether also decided to continue hiring.

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