Australian crypto trading platform Swyftx announced the imminent layoff of 90 employees. The reason was “preparation for the worst-case scenario.”
One of the CEOs of Swyftx, Alex Harper, clarified that the site does not have investments in the FTX exchange, so the decision to reduce is not directly related to the ongoing bankruptcy of the crypto exchange. However, the collapse of FTX negatively affected the entire cryptocurrency industry and Swiftx management expects the crisis to continue. And therefore cuts 40% of the staff:
“We need to prepare for the worst-case scenario, a significant decline in trading volume next year and the possibility of black swans in the market.”
In November, the volume of trading on the Swyftx platform increased slightly, but the decision to reduce almost half of the staff remained in force.
“Our business is surprisingly well equipped to survive events like the FTX crash. But as much as we want total isolation, we remain part of the industry and so we need to act quickly and significantly reduce the size of the team,” Harper explained.
A spokesman for Swyftx said that the largest reductions are waiting for the departments of research and development. At the same time, in August the company had already fired 74 people. Earlier it was reported that the Bybit exchange is also preparing for a staff reduction.
Source: Bits
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