Australian crypto exchange Swyftx cuts 21% of workforce

Aussie crypto exchange Swyftx is set to lay off 74 employees – 21% of its workforce – as the firm looks to reduce the size of its business as it grapples with increasingly tough global economic conditions.

Swyftx sheds a fifth of its workforce

In a company-wide memo, co-CEOs Alex Harper and Ryan Parson cite an “uncertain business environment” of high inflation, rising interest rates, “highly volatile markets across all asset classes” and a looming global recession as reasons behind the decision.

“We started growing our team in a very different world and it’s now prudent to make sure our cost base is compatible with this extended period of economic uncertainty,” Harper and Ryan say.

The founders add they “will do everything we can” to support departing employees, who will be offered counselling, career support and continued access to the company’s stock ownership programme.

Brisbane-based crypto exchange Swyftx is the latest in a long line of fintechs and tech firms to announce staff cuts as they adjust to the economic snapback of the post-pandemic era.

Earlier this month, Canadian growth capital firm Clearco cut 125 jobs as it faces up to “significant headwinds” in the economy.

In recent months, stock trading app Robinhood has said it will cut 23% of staff, digital challenger bank Varo laid off 75 employees in order to cut costs and Canadian wealthtech Wealthsimple shed 12.6% of its workforce citing market volatility.