Australian cryptocurrency exchange Swyftx has had to lay off 21% of its staff to cut costs as it navigates the current bear market.
According to a Wednesday note from the co-CEOs Alex Harper Y Ryan Parsons, I declare that 74 colleagues had to be fired, Well, the economic landscape in which they were hired has changed dramatically to what it is today:
“As you all know, we are operating in an uncertain business environment, with levels of domestic inflation not seen in more than two decades, rising interest rates, highly volatile markets across asset classes, and the possibility of a global recession.” .
“We want to make it very clear that impacting our teammates in this way is a last resort and is in no way a reflection of the talent or commitment of those individuals.” they added.
A Swyftx spokesperson explained the decision further to Cointelegraph, noting that “This was a difficult but prudent decision that ensures our costs are compatible with this prolonged period of economic uncertainty.”
“We are deeply grateful for all that the team members who are leaving us have done and we are working to support them through this extremely difficult period.” they said.
Swyftx joins a long list of cryptocurrency companies that have suffered growing pains as a result of cryptocurrency’s sharp downward trend this year, with US exchanges Coinbase and Gemini cutting their staff by 18% and 20% in the last two months.
In June, the cryptocurrency exchange announced that it would be merging with Australian online investment platform super hero as part of a merger $1.5 billion which is expected to be completed by mid-2023.
At that time, the co-founder of Superhero, John Winters, said the two platforms will operate independently and no jobs are expected to be lost as part of the merger.
The announcement also comes after a major downsizing at Singapore-based exchange Crypto.com. which laid off 260 people in June, which is equivalent to 5% of its workforce.
According to various unconfirmed reports online this week, the figure could be as high as 1,000, although it should be noted that this information was provided by unidentified sources who claim to be close to the matter.
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