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Friday, February 3, 2023

Swyftx Has Cut Around 35% Of The Staff

Swyftx, a crypto exchange based in Australia, has already laid off around 90 members of the staff.

The company stated that this step was taken in preparation for the worst-case scenario which has been the fallout of FTX– along with a potential decrease in the volumes of global trading the next year. This news was then put up by the co-CEO of the company, Alex Harper- in a statement that was released on the 5th of December- where they also noted that despite not having any single exposure to the bankrupt company, the Australian company was not immune to the fallout over this bankrupt exchange. He also went on to add that this was why they had started preparing in absolute advance for a worst-case scenario of further drops in the global trading volume.

Swyftx Has Laid Off 35% Of The Workforce

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A spokesperson for Swyftx stated that the staff cut was also made in anticipation of a massive fall in the trading volumes, despite the figures increasing swiftly throughout the previous month. The spokesperson also stated that they had to let the staff go due to the expectation of a potentially sharp all in the global trading volumes in the first half of the next year- which would be coupled with the aftershocks from the collapse of the FTX. The co-CEO stated that even though the decision was a tough one they had to take it in order to survive the crypto winter. 

The spokesperson for Swyftx also reiterated that the balance sheet of the company was still intact even though it was indirectly affected by the collapse of the FTX. Harper went on to reveal that the company was slowly turning itself into being more risk-averse in the many business decisions that it would be conducting, and the staff cuts would simply ease the operational costs on the balance sheet. As for who had been laid off by the company, a spokesperson said that the research and development team of the company had been affected the most by the cuts. 

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