Aussie exchange Swyftx cuts staff by 21% amid bear market

Australian cryptocurrency exchange Swyftx has had to lay off 21% of its staff to cut costs to survive the current bear market.

Co-CEOs Alex Harper and Ryan Parsons said in an Aug. 17 memo that they had to lay off 74 of their colleagues because the current economic climate in which they were employed has changed dramatically to what it is today. He said he didn’t.

“As you know, we are operating in an uncertain business environment, with domestic inflation that has not been seen in over 20 years, rising interest rates, highly volatile markets across all asset classes, and A global recession is possible.

“I want to make it clear that influencing teammates in this way is a last resort and in no way reflects individual talent or commitment.

A spokesperson for Swyftx provided a little more detail on the decision to Cointelegraph, stating, “This was a difficult decision, but a prudent decision to ensure we had the costs to meet this long-term economic uncertainty.” said.

“We are deeply grateful for everything our departing team members have done and are working to support them through this very difficult time,” they said.

Swyftx joins a long list of crypto companies suffering growing pains as a result of the cryptocurrency’s sharp downward trend this year, with US exchanges Coinbase and Gemini both cutting headcount by 18% in the past few months. 20% reduction.

In June, the cryptocurrency exchange announced it would merge with Australian online investment platform Superhero as part of a $1.5 billion merger expected to close around mid-2023.

At the time, Superhero co-founder Jon Winters said the two platforms would operate independently of each other and that no jobs would be lost as part of the merger.

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The announcement also follows major layoffs from Singapore-based exchange Crypto.com, which laid off 260 people in June, representing 5% of its employee base.

According to various unconfirmed report Online this week, the number could be as high as 1,000, but it’s worth noting that this information came from an unnamed source who claims to be close to the issue.