{"id":66035,"date":"2022-08-19T12:14:54","date_gmt":"2022-08-19T09:14:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66035"},"modified":"2025-09-06T23:13:45","modified_gmt":"2025-09-06T20:13:45","slug":"australian-crypto-exchange-swyftx-cuts-74-staff-amid-crypto-winter","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/australian-crypto-exchange-swyftx-cuts-74-staff-amid-crypto-winter\/","title":{"rendered":"Australian crypto exchange Swyftx cuts 74 staff amid crypto winter"},"content":{"rendered":"

The Australian cryptocurrency exchange Swyftx cut its staff by 21% to reduce costs during the bear market, as stated<\/a> in a management memo.<\/p>\n

The move affected 74 employees. Chief executives Alex Harper and Ryan Parsons called the layoffs an extreme measure necessary in the current economic conditions.<\/p>\n

\n

“As you all know, we operate in an uncertain business environment with inflation at levels unseen in more than two decades, rising interest rates, highly volatile markets across asset classes, and the potential for a global recession,” the statement reads.<\/p>\n<\/blockquote>\n

The company said it would assist the laid-off employees with future employment. A Swyftx spokesperson, in comments to Cointelegraph, explained that the decision ensures the exchange\u2019s costs align with a \\”prolonged period of economic uncertainty.\\”<\/p>\n

Earlier, staff optimizations were also announced by BitMEX<\/a>, Robinhood<\/a>, Gemini<\/a>, Bitso<\/a>, Crypto.com<\/a> and the parent company of Brazilian exchange Mercado Bitcoin<\/a>.<\/p>\n

Coinbase will cut its staff by about 18%, BlockFi \u2014 by 20%<\/a>. According to the press, Huobi will lay off 30%<\/a> of workers, the gaming NFT studio Immutable \u2014 more than 20%<\/a>.<\/p>\n

Hodlnaut, a liquidity-crisis crypto lending platform, cut its staff by 80%<\/a>.<\/p>\n

Follow ForkLog’s bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Australian cryptocurrency exchange Swyftx cut its staff by 21% to reduce costs during the bear market. According to a note from management.<\/p>\n","protected":false},"author":1,"featured_media":66036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,1166],"class_list":["post-66035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-centralized-exchanges-cex"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66035"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66035\/revisions"}],"predecessor-version":[{"id":66037,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66035\/revisions\/66037"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66036"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}