Australian cryptocurrency exchange Swyftx cut staff by 21% to cut costs during bear market. This is stated in a management note.
The decision affected 74 employees. Top executives Alex Harper and Ryan Parsons called the layoffs the last resort necessary in the current economic climate.
“As you all know, we are operating in an uncertain business environment with domestic inflation levels not seen in more than two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession,” the statement read.
The company promised to help laid-off employees further employment. A spokesperson for Swyftx, in a comment to Cointelegraph, explained that the decision ensures that the exchange's costs are compatible with “an extended period of economic uncertainty.”
The staffing optimization has also been previously announced at BitMEX, Robinhood, Gemini, Bitso, Crypto.com and the parent company of the Brazilian exchange Mercado Bitcoin.
Coinbase will cut staff by approximately 18%, BlockFi crypto-lending platform by 20%. According to the media, Huobi will lay off 30% of its employees, the Immutable NFT gaming studio will lay off more than 20.
Recall that Hodlnaut, a cryptolending platform experiencing a liquidity crisis, has cut its staff by 80%.
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