Swyftx layoffs — Dec 4, 2022

Swyftx to Lay Off 35% of Staff on Dec. 4, 2022 Amid Crypto Market Turmoil

Australian crypto exchange Swyftx said it is cutting 35% of its workforce as the digital asset industry continues to absorb the fallout from FTX’s collapse and broader market weakness. The layoffs were reported on Dec. 4, 2022, and Bloomberg said the move reflects wider turbulence across the crypto sector rather than a company acquisition or bankruptcy.

The number of jobs affected was not disclosed, but the company confirmed that the reduction will affect more than a third of its staff. The cuts come during a period of sharp pressure on crypto businesses, with trading volumes and investor confidence hit by the industry’s downturn.

Swyftx operates as a cryptocurrency exchange, providing a platform for users to buy, sell and trade digital assets. The company’s decision to reduce headcount follows a year of heavy stress across the sector, as firms have faced falling prices, tighter funding conditions and the reputational damage caused by the collapse of major industry players.

Bloomberg’s report framed the layoffs as a response to “crypto industry tremors” linked to FTX’s failure and the broader market environment. No additional forward-looking guidance or restructuring details were disclosed in the source material.

Sources: Google News