Australian stock exchange Swyftx cuts its workforce by 21% in a bear market
Australian crypto exchange Swyftx pointed to inflation, recession and the bear market as the reasons for the unfortunate layoffs.
New
Australian crypto exchange Swyftx has had to lay off 21% of its staff to cut costs as it weathers the current bear market.
According to a Wednesday memo from co-CEOs Alex Harper and Ryan Parsons, he said 74 co-workers had to be laid off because the current economic climate they were hired in has drastically changed to what it is today:
"As you all know, we are operating in an uncertain business environment, with national inflation levels not seen in over two decades, rising interest rates, highly volatile markets across all asset classes. 'assets and the potential for a recession."
“We want to be very clear that impacting our teammates in this way is a last resort and in no way reflects the talent or commitment of these individuals,” they added.< /p>
A Swyftx spokesperson explained the decision further to Cointelegraph, noting that “it was a difficult but prudent decision that ensures our costs are consistent with this long period of economic uncertainty.”
"We are deeply grateful for all that the departing team members have done and we are working to support them during this extremely difficult time," they said.
Swyftx joins a long list of crypto firms that have suffered growing pains due to crypto's sharp downtrend this year, with US exchanges Coinbase and Gemini both downsizing by 18% and 20% in the past two years. months.
In June, the crypto exchange announced that it would merge with Australian online investment platform Superhero in a $1.5 billion merger that is expected to be completed around mid- 2023.
At the time, Superhero co-founder John Winters said that the two platforms would operate independently of each other and that no job loss was expected as part of it. of the merger.
Australian crypto exchange Swyftx pointed to inflation, recession and the bear market as the reasons for the unfortunate layoffs.
New
Australian crypto exchange Swyftx has had to lay off 21% of its staff to cut costs as it weathers the current bear market.
According to a Wednesday memo from co-CEOs Alex Harper and Ryan Parsons, he said 74 co-workers had to be laid off because the current economic climate they were hired in has drastically changed to what it is today:
"As you all know, we are operating in an uncertain business environment, with national inflation levels not seen in over two decades, rising interest rates, highly volatile markets across all asset classes. 'assets and the potential for a recession."
“We want to be very clear that impacting our teammates in this way is a last resort and in no way reflects the talent or commitment of these individuals,” they added.< /p>
A Swyftx spokesperson explained the decision further to Cointelegraph, noting that “it was a difficult but prudent decision that ensures our costs are consistent with this long period of economic uncertainty.”
"We are deeply grateful for all that the departing team members have done and we are working to support them during this extremely difficult time," they said.
Swyftx joins a long list of crypto firms that have suffered growing pains due to crypto's sharp downtrend this year, with US exchanges Coinbase and Gemini both downsizing by 18% and 20% in the past two years. months.
In June, the crypto exchange announced that it would merge with Australian online investment platform Superhero in a $1.5 billion merger that is expected to be completed around mid- 2023.
At the time, Superhero co-founder John Winters said that the two platforms would operate independently of each other and that no job loss was expected as part of it. of the merger.
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