The Australian cryptocurrency exchange known as Swyftx with a location in the Brisbane area has announced that cutting in the strength of its staff by 21% which means that it will release up to 74 of its staff.
According to co-CEOs Alex Harper and Ryan Parsons who announced to staff, the employees who will be made redundant are not affected because they lack talent or commitment to the company. However, this is a result of the uncertain business conditions at which the exchange developed.
Affected Swyftx Employees Speak Out About Redundancies
In addition, the high volatility of the crypto market, as well as the possibility of a global recession occurring are considered before the decision is made. Many of the affected workers took to their personal LinkedIn pages to talk about their exit.
Among them was a sales manager who mentioned that he had celebrated his first birthday with Swyftx a few days ago. He only found out that he wasn’t working while on his honeymoon in Hawaii.
A sick sales manager talks about his amazing time at Swyftx. In particular, they have started the year with many plans, including training, upskilling, mentoring, and more. Trying to stay positive, he promised to cheer up the remaining Swyftx team members on the sidelines.
Notably, this news comes weeks after Swyftx announced a $1.5 billion merger with Sydney-based online investment platform Superhero.
Staff cuts by crypto-based trading platforms are not a new trend. While Coinbase Global Inc pioneered the move, others like Gemini and Bybit among others have also cut staff to cut costs. While many exchanges have followed this path, others are happy Binance and the Kraken has it express commitment to continue to increase the workforce.
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