Australian cryptocurrency platform Swyftx recently announced that it has taken a tough decision by letting go of 90 of its employees, representing around 40% of its total workforce.
Waima did not want this issue to worry the market that CEO Alex Harper assured that the company "is well positioned" to face the current turmoil caused by the FTX crisis. However, at the same time he expects another market crash in the first half of 2023.
CEO Harper announced the news in a recent letter addressed to Swyftx employees:
” Today we had to announce the most difficult decision of this journey. We had to say goodbye to 90 talented friends and colleagues.”
The executive said Swyftx has no direct exposure to the FTX exchange. However, they admit that Swyftx is not immune to the impact it has had on the crypto market,” he added. Harper believes cutting a large part of the workforce may help Aussie firms weather the "storm" ahead.
He argued that Swyftx is among Australia's leading crypto trading venues and is "well positioned" to withstand the ongoing turmoil in the blockchain industry.
All affected employees will receive their severance pay within seven days. They will also get compensation for six months of service, while Swyftx will provide job search support and EAP services.
Directly or indirectly, the collapse of FTX has caused severe changes in many cryptocurrency and financial companies. Some of them had to file for bankruptcy protection. Many leading cryptocurrency platforms began downsizing their teams earlier this year to cut costs during the prolonged market turmoil.
Gemini laid off about 10% of its workforce in June and added more than 60 people to the roster in July. US-based exchange Coinbase cut 18% of its workforce over the summer, while Huobi downsized by 30%.
