Australian crypto exchange Swyftx cuts 74 staff amid crypto winter

The Australian cryptocurrency exchange Swyftx cut its staff by 21% to reduce costs during the bear market, as stated in a management memo.

The move affected 74 employees. Chief executives Alex Harper and Ryan Parsons called the layoffs an extreme measure necessary in the current economic conditions.

“As you all know, we operate in an uncertain business environment with inflation at levels unseen in more than two decades, rising interest rates, highly volatile markets across asset classes, and the potential for a global recession,” the statement reads.

The company said it would assist the laid-off employees with future employment. A Swyftx spokesperson, in comments to Cointelegraph, explained that the decision ensures the exchange’s costs align with a \”prolonged period of economic uncertainty.\”

Earlier, staff optimizations were also announced by BitMEX, Robinhood, Gemini, Bitso, Crypto.com and the parent company of Brazilian exchange Mercado Bitcoin.

Coinbase will cut its staff by about 18%, BlockFi — by 20%. According to the press, Huobi will lay off 30% of workers, the gaming NFT studio Immutable — more than 20%.

Hodlnaut, a liquidity-crisis crypto lending platform, cut its staff by 80%.

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