Australian Exchange Swyftx Parts Ways with 21% of Workforce

Bad news in the ranks of the Australian crypto exchange. Namely, Swyftx has joined the long line of crypto companies that were forced to cut a substantial portion of their workforces, amid the crypto winter.

Swyftx let go 21% of its staff, amounting to 74 former employees. The company cited factors such as rising inflation, the potential for a worldwide recession, and the volatility of the crypto market. Its representative stated that this was a hard, but necessary decision.

In June, Swyftx announced that it would be merging with Superhero, the Australian investing platform, sometime in mid-2023, in a deal worth $1.5 billion. However, the merger should not lead to any additional layoffs, as the two companies will operate independently.

On TradeCrypto, we have already reported about the trouble in many crypto businesses, including Coinbase and Gemini.