Prominent Australian Exchange ‘Swyftx’ Lays off 21% Workforce

• The crypto exchange announced in June that they will be combining with Superhero.
• Swyftx is the latest cryptocurrency company to experience growing pains.

To combat the present bear market, Australian cryptocurrency exchange Swyftx has been compelled to lay off 21% of its workforce. Co-CEOs Alex Harper and Ryan Parsons sent a message on Wednesday explaining the need to lay off 74 employees due to the substantial change in the economy since they were recruited.

The message read:

“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.”

Industry-Wide Lay Off

Swyftx is the latest cryptocurrency company to experience growing pains as a consequence of the significant bear market this year. Other companies, like Coinbase and Gemini in the United States, have already reduced their workforce by 18% and 20%, respectively.

The crypto exchange announced in June that they will be combining with Superhero, an Australian online investment platform, in a $1.5 billion deal that is slated to close in the middle of 2023. Superhero co-founder John Winters said at the time that the two platforms would function separately and that there would be no layoffs due to the integration.

Almost all of the top fifty cryptocurrencies, headed by Bitcoin (BTC), saw their values fall into the red. After rallying over $24k, BTC has now dropped below $22,000. This crypto winter seems to be far worse than the ones witnessed before. According to CMC, the Bitcoin price today is $21,428.46 USD with a 24-hour trading volume of $37,286,884,608 USD. Bitcoin is down 8.44% in the last 24 hours.

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