Australian Crypto Exchange Swyftx Cuts 90 Jobs, Reducing Workforce by 35%

The exchange said that it doesn't have any direct exposure to FTX, although the job cuts are a result of the crypto downturn caused by FTX.

AccessTimeIconDec 5, 2022 at 7:17 a.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC

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.

  • VanEck Exec on Spot Bitcoin ETF Launch in Australia
    13:36
    VanEck Exec on Spot Bitcoin ETF Launch in Australia
  • Why Australia Won't Have a Spot SOL ETF Any Time Soon
    00:38
    Why Australia Won't Have a Spot SOL ETF Any Time Soon
  • Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
    01:49
    Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
  • President Biden Vetoes Resolution Overturning SEC Guidance; Michael Saylor's $40M Settlement
    01:28
    President Biden Vetoes Resolution Overturning SEC Guidance; Michael Saylor's $40M Settlement
  • 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.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Parikshit Mishra

    Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.