Australian crypto exchange Swyftx will lay off 21% of its workforce

21% of Swyftx employees 74 . will be employees,

In a note, the co-CEO said, “As you all know, we are operating in an uncertain business environment with a domestic level. inflation Rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession not seen in more than two decades.”

“We have begun to grow our team in a very different world and it is now prudent to ensure that our cost base is well suited to this extended period of economic uncertainty,” said the co-CEO.

However, he added, “We want to be very clear that impressing our peers in this way is a last resort and is in no way a reflection of the talent or commitment of those individuals. We are the part of many incredibly talented people.” Splitting up together. Friends and colleagues who will be remembered for their simplicity and passion.”

With the layoff of 74 employees, the company’s workforce will exceed 250.

The co-CEOs said, “It is our shared responsibility to continue to grow this business and support each other as a team of over 250 strong. Together, we are focused on building our vision. will do.”

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

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

and Moeda Loyalty Points (MDA). This means that 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.

In June Swyftx announced its merger with Superhero, becoming Australia’s first digital asset 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 a single platform.

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