Australian crypto exchange Swyftx lays off 21% of staff

The 21% of Swyftx’s employees will be 74 employees.

In a note, the co-CEOs said: “As you are all aware, we are operating in an uncertain business environment, with levels of domestic inflation not seen in over two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession.”

“We started growing our team in a very different world and it is now prudent to ensure that our cost base is compatible with this extended period of economic uncertainty,” the co-CEOs said.

However, they said: “We want to be very clear that influencing our teammates in this way is a last resort and is in no way a reflection of the talent or commitment of these individuals. We part ways with many incredibly gifted friends and colleagues who will be missed for their ingenuity and passion.”

The dismissal of 74 employees will take the company’s staff to over 250.

“It is our shared responsibility to continue to drive this business forward and support each other as a 250-plus strong team. Together, we will not lose focus on building towards our vision,” the co-CEOs said.

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

Earlier, on August 11, the company removed 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 exchange orders for these assets. Any deposits made after August 12 will not be credited back to the investors’ account.

Swyftx announced in June its merger with Superhero to become Australia’s first digital assets and traditional finance powerhouse. For now, Swyftx and Superhero will continue to operate as separate platforms, but they are working to integrate their services into a single platform.

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