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.
See related article: Sam Bankman-Fried “not sure” if he will testify before Congress on Dec. 13
