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Australian cryptocurrency exchange Swyftx will furlough 74 employees, or 21% of its workforce, as it seeks to scale back its operations to deal with increasingly challenging global economic conditions.
Swyftx cuts its workforce by a fifth
In a company-wide memo, co-CEOs Alex Harper and Ryan Parson cited high inflation, rising interest rates, “very volatile markets across all asset It cites an uncertain business environment of the upcoming global recession.
We have started to grow our team in a very different world, and it is wise now to ensure that our cost base is responsive to this prolonged economic uncertainty, Harper and Ryan said. increase.
The founders added that they will “do everything they can” to support departing employees, who will be provided with counseling, career support and continued access to the company’s stock ownership program.
Brisbane-based cryptocurrency exchange Swyftx is the latest fintech and technology company to announce job cuts as it adapts to the economic recovery in the post-pandemic era.
Earlier this month, Canadian growth capital firm Clearco cut 125 jobs as it faces “significant headwinds” in the economy.
In recent months, stock-trading app Robinhood has announced it will cut 23% of its staff, digital challenger bank Baro has laid off 75 employees to cut costs, and Canadian WealthTech WealthSimple has slashed market pressures. We cut 12.6% of our workforce for stability reasons.
