By Richard Hines
Swyftx, a crypto exchange based in Australia is the latest to announce downsizing its workforce, the company announced that 90 jobs in its employ have been cut. It blamed the development on the crypto winter.
How Bad Is FTX’s Crash On The Job Market?
90 staff have just been let go from yet another crypto firm due to the impact of the market crisis. As with many of the crypto firms who have laid off staff these past few months, this crypto downturn has led to firms not being able to keep up with their number of staff.
Swyftx declared that it has the biggest team of any fully-controlled Australian exchange and they have just realized they were operating in a larger capacity than they should have been operating so they had to right size leading to a whooping cut off of 90 personnel.
This layoff makes it the second for the company this year as it reportedly laid off 74 staff earlier this year. The company asserted that it had no exposure to FTX but the layoffs had to be done due to the falling market largely brought about as a result of FTX’s bankruptcy,
The company noted that the downsizing will occur mostly in the company’s research and development team.
Crypto Layoffs Continue To Spread Like Wildfire
In a similar vein, the CEO of Bybit Ben Zhou, another crypto exchange, announced a round of job cuts in the firm attributed again to the worsening market conditions. Although no confirmation from him as to the number of cuts, reports have it that Bybit will be slashing its workforce by 30%.
The crypto exchange based in Dubai has made a name for itself in trading especially in derivatives even though it’s a bit new to the block. Zhou noted that the exchange is trying to restrategize due to the current state of the market.
2022, succinctly put has so far been the year of crypto layoffs amid other things, other crypto firms such as Coinbase, BlockFi, although bankrupt now, and even Kraken all announced layoffs this year. Meanwhile, Ripple seems to not be affected and has continued on an hiring spree.