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Banxa, a publicly listed Australian crypto payments operator, will reduce its staff headcount by 30%, according to the Australian Financial Review. The company’s CEO One such example is the cryptocurrency-focused investment firm – Paradigm. It reduced salaries instead of dismissing people. The multichain network supporting Kraken, Bybit, Swyftx join the growing list of cryptocurrency firms cutting staff amid the bear market as repercussions of FTX bankruptcy continue to play out. Silvergate Capital fired almost half of its staff after the company announced a plunge in crypto-related deposits in late 2025. Octopus Network – a multichain crypto network supporting Web3 applications – will lay off 40% of its staff members to ensure its survival amidst the ongoing crypto winter. The adverse Amid the current global economic slowdown, crypto exchange WazirX has reportedly laid off 40 per cent of its total workforce. A total of 50 to 70 employees of the 150 In light of recent events, Australian cryptocurrency exchange Swyftx has shown 90 of its employees the exit door. It represents a layoff of around 40% of the entire workforce – a More than 14 crypto firms implemented layoffs in the first month of 2025, looking to stay afloat after being hit by the crypto winter. Huobi cuts 20% of its staff. A Huobi spokesperson

Publicly Listed Crypto Payment Firm Fires 40: Crypto Layoffs Deepen

The cryptocurrency winter continues to bite, with publicly listed crypto payment firm, like many others, announcing significant staff reductions. The industry-wide downturn, exacerbated by events like the FTX bankruptcy and a global economic slowdown, is forcing companies to make tough decisions to ensure survival.

Banxa, a publicly listed Australian crypto payments operator, is the latest to announce cuts. According to the Australian Financial Review, Banxa will reduce its staff headcount by 30%. This comes as other crypto firms struggle to navigate the bear market.

Banxa isn't alone. A growing number of cryptocurrency firms are cutting staff. The multichain network supporting Kraken, Bybit, and Swyftx join the growing list as repercussions of the FTX bankruptcy continue to play out. Swyftx, another Australian cryptocurrency exchange, recently let go of 90 of its employees, representing a layoff of around 40% of the entire workforce.

The impact extends beyond payment processors and exchanges. Octopus Network – a multichain crypto network supporting Web3 applications – will lay off 40% of its staff members to ensure its survival amidst the ongoing crypto winter. Even larger players are feeling the pressure. Huobi cuts 20% of its staff, according to a Huobi spokesperson.

The situation reflects a significant shift from the rapid growth seen in previous years. More than 14 crypto firms implemented layoffs in the first month of 2025, looking to stay afloat after being hit by the crypto winter. Crypto exchange WazirX has reportedly laid off 40 per cent of its total workforce. A total of 50 to 70 employees of the 150 were affected.

Silvergate Capital is another example, having fired almost half of its staff after the company announced a plunge in crypto-related deposits in late 2025.

While many firms are resorting to layoffs, some are exploring alternative solutions. The company's CEO (referring to Banxa, implied) and some companies are prioritizing cost-cutting measures. One such example is the cryptocurrency-focused investment firm – Paradigm. It reduced salaries instead of dismissing people.

The current landscape highlights the volatility and challenges facing the crypto industry. As the bear market persists, further staff reductions across the sector are anticipated.

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