Australian crypto exchange Swyftx has cut staff by 40% today, which it said was in preparation for a 'worst-case scenario' and 'more black swan-type events.'
Australian-based crypto exchange Swyftx has laid off a total of 90 staff members, which it said was in preparation for a “worst-case scenario” caused by the fallout of FTX and a potential fall in global trading volumes next year.by Swyftx co-CEO Alex Harper in a Dec.
“We have let go of staff in expectation of a potentially sharp fall in global trade volumes in the first half of 2023 and further aftershocks from FTX’s collapse," said the spokesperson. The Swyftx spokesperson reiterated that the company’s balance sheet remained intact despite it being indirectly affected by the FTX collapse, adding:
“Swyftx maintains strong revenue but we’re not willing to take any risks post-FTX and are being exceptionally cautious about costs next year,” added the spokesperson, who also noted that priority areas like security, compliance and customer support services wouldn’t be affected.
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