Swyftx cuts another 90 jobs

An Australian cryptocurrency exchange Swyftx has announced the layoff of a further 90 staff. This, as stated in a note from management.

Top executive Alex Harper said the company had to “prepare for the worst-case scenario” at the start of 2023 and to consider “the possibility of new events like black swans.” In his words, Swyftx has no direct ties to FTX, but is not insulated from the fallout of the bitcoin exchange’s collapse.

“We know that not everyone on the team will understand the sudden need for [reductions], especially given the surge in trading volumes in November and the financial audit this week, but our priority at the moment is to exit the current market from a position of strength,” Harper wrote.

He described the decision as difficult but necessary. The chief executive stressed that the platform is exercising “exceptional caution” with regard to spending next year. Staff affected will receive severance pay and assistance in finding new positions.

A company spokesperson, in a comment to Cointelegraph stated, that the workforce was cut by 40%. The bulk of the reductions affected the research and development unit.

For the first time Swyftx cut staff in August. At that time, 74 employees lost their jobs, and Harper described the decision as an extreme measure necessary under current economic conditions.

Earlier, the parent companies of Brazil’s Mercado Bitcoin, Mercado Bitcoin, BitMEX, Robinhood, Gemini, Bitso and Crypto.com.

Coinbase announced staff cuts of roughly 18%, crypto-lending platform BlockFi — by 20%. According to reports, Huobi will lay off 30% of its workers, gaming NFT studio Immutable — more than 20%.

In December, around 1,100 Kraken employees were left without work.

Later, Bybit announced staff cuts as part of a business reorganisation “in a protracted bear market.”

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