Written by 11:59 am Cryptocurrency

Cryptocurrency exchange Swyftx reduces 21% of employee base over bear market implications

Australian cryptocurrency exchange Swyftx has had to let go 21% of its employee base to lower costs due to implications of the current bear market, according to Cointelegraph. 

As per Cointelegraph, going by the statement from co-CEOs Alex Harper and Ryan Parsons, 74 colleagues had to be let go, as the recent economic climate has shifted from what it used to be. “We want to be very clear that impacting our teammates in this way is a last resort and is not, in any way, a reflection of the talent or commitment of those individuals,” they added. 

On the grounds of information provided by Cointelegraph, a Swyftx’s spokesperson explained to that it was a tough decision to make on their part but a prudent one on the grounds of ensuring their costs being compatible with the extended time of economic uncertainty. “We are grateful for everything the team members who are leaving us have done, and we’re working to support them through this hard period,” they said. Swyftx becomes the latest platform to join the list of cryptocurrency firms to have sustained losses as a result of downtrend in cryptocurrency prices this year, with United States exchanges Coinbase and Gemini both diminishing their headcount by 18% and 20% in the last couple of months.

Moreover, Cointelegraph reported that Swyftx announced plans of merging with Australian investment platform Superhero as part of a $1.5 billion merger which is expected to conclude around middle of 2023. John Winters, co-founder, Superhero, mentioned about how the two platforms will operate independently of eachother with no expectations of job losses in the merger. Following the announcement, Singapore exchange Crypto.com declared that 260 people were laid off by them, equivalent to five percent of its employee base. According to various unconfirmed reports, the figure could go as high as 1,000, with information yet to be confirmed from the unnamed sources.

(With insights from Cointelegraph)

Also read: Cryptocurrency firm Hodlnaut allows 80% of its staff to leave

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