Australian-based crypto exchange Swyftx has laid off more than a third of its staff due to the bear market.
Things are not going well for crypto companies as of the middle of the year. Companies that have entered a difficult process with the collapse of Terra and FTX are turning to reduce their workforce. Even before the FTX-induced crash, some key industry players like Coinbase and Gemini announced mass layoffs. Kraken, Dapper Labs, Galaxy Digital, and other prominent names were also among those forced to cut staff amid the ongoing crypto winter. However, Ripple and some other companies seem unaffected by the crypto winter as they continue to recruit.
Australian Stock Exchange Swyftx Reduces Employee Number
Cryptocurrency exchange Swyftx has laid off 35 percent of its staff as it tries to weather the crypto winter.
Swyftx suffered a 23 percent drop in profits due to rapidly falling crypto prices, according to its latest regulator filing. While Swyftx was not directly exposed to the bankrupt FTX exchange, it was affected by the confidence crisis triggered by the company’s collapse.
Of the nearly 90 layoffs, most are from the research and development department. This is also the Brisbane-based cryptocurrency trading platform’s second round of layoffs in 2022. Earlier this year, it laid off 74 employees.
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