Australian Crypto Exchange Swyftx Cuts 21% of Staff Amid Bear Market | Crypto

Australian Crypto Exchange Swyftx Cuts 21% of Staff Amid Bear Market

-The low prices of cryptocurrencies have lowered crypto services platforms income. As a result, it forced many crypto exchanges to lay off their staff to fight the challenging global economic conditions of 2022.

-Swyftx, an Australian-based crypto exchange, has announced cutting its workforce by 21% to minimize the cost and survive in the bear time.

-The companys representative addressed recession, inflation, and the bear market reasons behind their move.

-Co-Chief Executives Alex Harper and Ryan Parsons made the announcement public in a note on Wednesday.

-The CEOs added that this move does not indicate the reflection of the talent or commitment of those individuals; it was the last resort to fight the economic uncertainty.

-Additionally, the firms representatives claimed that Swyftx offers counseling, career support, and opportunity for departing employees to join the exchanges stock ownership program.

-Swyftx, co-founded by Harper and Angus Goldman in 2018, has over 600,000 corporate and retail investors from Australia and New Zealand.

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