Swyftx, an Australian cryptocurrency exchange, had to fire 21% of its employees in order to cut costs while it navigated the current bear market.
74 coworkers had to be let go, according to a note from co-CEOs Alex Harper and Ryan Parsons; this is because the economic environment in which they were hired has changed significantly to become what it is now.
They want to make it absolutely clear that affecting their teammates in this way is a last choice and is in no way an indication of their skill or dedication.
The choice, according to a Swyftx official, was a hard one but a cautious one that ensures their costs are compatible with this extended period of economic uncertainty.
The company thanks the departing team members for everything they have done and promises to support them during this tremendously trying time.
Swyftx Isn’t The First Go Lay Off Staff
With U.S. exchanges Coinbase and Gemini both cutting their personnel by 18% and 20% over the past few months, Swyftx joins a long list of crypto startups that have experienced growing pains as a result of the significant downward trend in crypto this year.
A $1.5 billion merger between the cryptocurrency exchange and the Australian online investing service Superhero was announced in June. The merger is anticipated to close in the middle of 2023.
John Winters, a co-founder of Superhero, stated at the time that the two platforms will function independently of one another and that no employment losses are anticipated as a result of the merger.
The announcement also comes in the wake of a significant employee purge at Singapore-based exchange Crypto.com, which in June fired 260 workers, or 5% of its workforce.
The number may reach as high as 1,000, according to a number of unconfirmed reports posted online this week, though it’s important to note that these reports came from anonymous persons who claimed to be familiar with the situation.