Australian crypto exchange Swyftx to layoff 21% of its staff

Australian crypto exchange Swyftx will be laying off 21% of its staff as the company has decided to reduce its business size. The company's co-CEOs Alex Harper and Ryan Parsons clarified that impacting their teammates in this way is a last resort and is not, in any way, a reflection of the talent or commitment of those individuals. The co-CEOs cited an uncertain business environment as the reason for downsizing.

The 21% of Swyftx's staff would be 74 employees.

In a note, the co-CEOs said, "as you’re all aware, we are operating in an uncertain business environment, with levels of domestic inflation not seen in over two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession."

"We started growing our team in a very different world and it’s now prudent to make sure our cost base is compatible with this extended period of economic uncertainty," the co-CEOs said.

However, they said, "We want to be very clear that impacting our teammates in this way is a last resort and is not, in any way, a reflection of the talent or commitment of those individuals. We are parting ways with many incredibly gifted friends and colleagues that will be missed for their ingenuity and passion."

The layoff of 74 employees will take the company's staff strength to over 250.

"It is our shared responsibility to continue to drive this business forward and support each other as a 250-plus strong team. Together, we will not lose focus on building towards our vision," the co-CEOs said.

Swyftx brings together all exchanges, charts, portfolio monitoring, leverage, funding, fiat, and risk management into one simple integrated end-to-end solution.

Earlier, on August 11, the company delisted five assets namely Quantstamp (QSP), Bread (BRD), Nexus (NXS), Navcoin (NAV)

and Moeda Loyalty Points (MDA). That means, the exchange no longer takes any sell or swap orders on these assets. Any deposits made after August 12, will not be credited back to the investors' account.

Swyftx in June announced its merger with Superhero o become Australia’s first digital assets and traditional finance powerhouse. For now, Swyftx and Superhero will continue to operate as separate platforms, however, they are working on integrating their services into one single platform.