Australian Crypto Exchange Cuts 21% of Staff

Aussie cryptocurrency exchange Swyftx has announced that it is laying off 21% of its workforce amid the bear market. Low prices of cryptocurrencies have lowered crypto service platforms’ income, and as a result, many exchanges have been forced to let go of portions of their staff.

Australian-based crypto exchange Swyftx has become the latest crypto exchange to have cut down its staff to battle the crypto winter and minimize costs. A representative for the company cited recession fears, inflation, and sharp market downturns as the reasons behind its move. Co-chief executives Alex Harper and Ryan Parson made their decision public in a note to the company. They added that the exchange would have to let go of 74 employees due to the current market conditions. The note added:

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.

The CEOs assured affected employees that the move was not the “reflection of the talent or commitment of those individual,” and it was the “last resort” to battle these uncertain times. They added:

We started growing our team in a very different world and it’s now prudent to make sure our cost base is compatible with this extended period of economic uncertainty.

The exchange’s representative also said that it was offering counseling, career support, and the opportunity for employees to join the firm’s stock ownership program. The firm added:

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.

The news comes just two months after Swyftx announced a merger with Sydney-based online investment platform, Superhero. The deal is said to be valued at $1.5 billion and is set to be completed in mid-2023.

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