Aussie crypto platform Swyftx laid off 90 people to prepare for a potential market decline during H1, 2023.
The Australian cryptocurrency platform Swyftx laid off 90 of its employees, representing around 40% of its total workforce.
CEO Alex Harper assured the company is “well-positioned” to cope with the current turbulence caused by the FTX meltdown. However, he expects another market plunge during the first half of 2023, hence the amendments.“Today we’ve announced the hardest decision Angus and I have had to make in our careers. We’re saying goodbye to 90 talented friends and colleagues.”. Still, “we are not immune to the fallout it has caused in the crypto markets,” he added.
He argued that Swyftx is among Australia’s leading crypto trading venues and is “uniquely well-positioned” to endure the ongoing tumult of the blockchain industry.“But as much as we might wish it, we do not exist in isolation from the market, and that’s why we are acting fast and acting early by significantly reducing the size of our team. We do this with a sadness that is very difficult to put into words.
All affected employees will receive their severance pay within seven days. They will also get ESOP for tenure plus six months, while Swyftx will provide job search support and EAP service.severe changes in numerous cryptocurrency and financial companies. Some of those had to even file for bankruptcy protection.Numerous leading cryptocurrency platforms started reducing the size of their teams earlier this year to cut costs during the prolonged bear market.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australian Crypto Exchange Swyftx Cuts 90 Jobs Amid Crypto WinterAustralian crypto exchange SwyftxAU has cut 90 jobs citing the crypto market downturn. By parikshitm899
Read more »
2023 CMC Crypto Playbook: Blockchain Development Trends by Smart Contract Auditor SlowMist | CoinMarketCap[CMC Playbook] As of Nov. 22, 2022, there had been 290 security incidents with a total loss of over $3.6 billion, as documented by SlowMist_Team 👀 What lies ahead for the path of crypto development & its security? 👇
Read more »
Crypto's 'true believers' crave being all-in, all the time. Here's how they might learn to protect themselves.Bitcoin is down more than 60% this year, but the potential for stratospheric returns on cryptocurrencies can still be enticing. Temper your all-in mentality by setting goals – starting with these questions for yourself.
Read more »
Crypto exchange Gemini trying to recover $900 million from crypto lender Genesis, Financial Times reportsCrypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins' crypto exchange Gemini $900 million, the Financial Times reported on Saturday.
Read more »
2023 NFL Mock Draft: Shocker At No. 1 PickSNF Halftime = NEW NFL MOCK DRAFT! Check out DP_NFL's brand-new mock: ◼️Shocker at No. 1! ◻️6 WRs go in Round 1 ◼️Raiders replace Derek Carr ◻️Where does Michael Mayer land? ◼️Jets & Giants bolster defense ◻️Anthony Richardson goes Top 10 NFLDraft
Read more »
UK economy to shrink in 2023, risks 'lost decade' – CBIIn its latest forecasts on the UK economy, the Confederation of Business Industry (CBI) said on Monday, they see Britain entering a year-long recessio
Read more »