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Australian Crypto Exchange Swyftx Cuts 90 Jobs, Reducing Workforce by 35%
The exchange said that it doesn't have any direct exposure to FTX, although the job cuts are a result of the crypto downturn caused by FTX.
Australian crypto exchange Swyftx has cut 90 jobs because of the crypto market downturn, the firm said on Monday.
The exchange had 259 employees before the layoffs, which would imply that Swyftx is reducing 35% of its total workforce, according to a spokesperson.
STORY CONTINUES BELOW
Swyftx also said that it has no direct exposure to bankrupt crypto exchange FTX but that the job cuts are a result of the crypto market downturn caused by FTX.
The crypto exchange has about 630,000 customers, according to a blog post from Swyftx co-founder Alex Harper.
The job cuts come at time when the crypto market is reeling from the impact of the FTX failure and subsequent market downturn. Crypto exchange Bybit announced a 30% workforce reduction on Sunday.
Read more: Bybit to Lay Off 30% of Staff Amid Crypto Winter
UPDATE (Dec. 5, 10: 46 UTC): Adds comment from Swyftx.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
