Australian crypto exchange Swyftx has cut 90 jobs because of the crypto market downturn, the firm said on Monday.
The exchange had 259 employees before the layoffs, which would imply that Swyftx is reducing 35% of its total workforce, according to a spokesperson.
Swyftx also said that it has no direct exposure to bankrupt crypto exchange FTX but that the job cuts are a result of the crypto market downturn caused by FTX.
The crypto exchange has about 630,000 customers, according to a blog post from Swyftx co-founder Alex Harper.
The job cuts come at time when the crypto market is reeling from the impact of the FTX failure and subsequent market downturn. Crypto exchange Bybit announced a 30% workforce reduction on Sunday.
UPDATE (Dec. 5, 10: 46 UTC): Adds comment from Swyftx.
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