- Australian crypto exchange, Swyftx recently stated about its 21% of staff lay-off.
- Swyftx reasoned that the cuts of its staff is inflation, recession, and bearish market trend.
Swyftx is an Australian crypto exchange that clarifies about the lay off of its staff. The firm stated to lower costs it has decreased its staffing. The firm head shared that the firm will dis-continue its 74 teammates due to the current economic scenario.
Swyftx Explanation on Layoff
The co-CEOs of Swyftx, Alex Harper and Ryan Parsons said, “As you’re all aware, we are operating in an uncertain business environment, with levels of domestic inflation not seen in over two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession,” in their statement.
They also added, “We want to be very clear that impacting our teammates in this way is a last resort and is not, in any way, a reflection of the talent or commitment of those individuals. We are deeply grateful for everything the team members who are leaving us have done and we’re working to support them through this extremely hard period.”
While a spokesperson of Swyftx further explained that, “this was a hard decision but a prudent one that ensures our costs are compatible with this extended period of economic uncertainty.”
Effect of Crypto Downtrend in Crypto Firms
It must be noted that Swyftx also came into the list of firms that are suffering from the current crypto downtrend. In the list the U.S. exchanges Coinbase and Gemini also cut their staff by around 18% and 20% in the last few months.
On the other hand, In June, Swyftx also announced its merger with Australian online investment platform, Superhero with $1.5 billion. This merger is expected to complete in mid 2023. John Winters who is the co-founder of Superhero clarifies that both platforms will work independently from each other and no job losses are expected.
Source: https://www.thecoinrepublic.com/2022/08/20/amid-bearish-phase-of-crypto-swyftx-cuts-its-staff-by-21/