Australian cryptocurrency exchange Swyftx cut its staff by 21% to cut costs in the bear market. This is stated in the management note.
The decision affected 74 employees. Senior executives Alex Harper and Ryan Parsons described the layoffs as a necessary last resort in the current economic conditions.
“As you all know, we operate in an uncertain business environment with local inflation levels not seen in more than two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession,” the statement said.
The company has promised to help the laid-off employees find more employment. In a comment to Cointelegraph, a spokesperson for Swyftx explained that the decision ensures that stock market costs are in line with “a long period of economic uncertainty.”
Earlier, state optimization was also announced at the parent company of BitMEX, Robinhood, Gemini, Bitso, Crypto.com and Brazilian Mercado Bitcoin exchange.
Coinbase will cut staff by about 18%, and blockchain platform BlockFi by 20%. According to media reports, Huobi will lay off 30% of its employees, while NFT game studio Immutable will lay off more than 20%.
Recall that the crypto lending platform Hodlnaut, which was experiencing a liquidity crisis, cut its staff by 80%.
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Source: Fork Log
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