Australian cryptocurrency exchange Swyftx Pty Ltd cut 90 staff members — or 40% of its workforce — to prepare for a “worst-case scenario” in the market from the collapse of FTX.com, according to a company announcement on Dec. 5.
See related article: Crypto exchange Bybit plans to cut 30% of staff to ‘navigate market slowdown’
Fast facts
- In the announcement, Swyftx co-founder and Chief Executive Officer Alex Harper said the company had no direct exposure to the defunct Bahamas-based exchange but acknowledged it was not immune to the widespread fallout from its bankruptcy.
- Harper also said that Swyftx had grown too fast, and that the company had expected global trading volumes to continue rising for a further six months.
- Swyftx joins a growing list of crypto exchanges in recent weeks to announce layoffs, including Singapore-based Bybit, which said over the weekend it will cut 30% of its workforce, according to an internal company statement seen by Forkast. This follows a 30% cut to its workforce in June.
- Major U.S. crypto exchanges have also announced cutbacks, including Kraken, which announced last week it was laying off 30% of its staff, and Coinbase Global Inc. which reduced its workforce by 18% in June.
- The Australian crypto industry has not been spared from the FTX contagion, as local exchange Digital Surge announced it was halting customer withdrawals from its platform in late November.
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