Australian cryptocurrency exchange Swyftx has announced that it?s cutting down 21% of its workforce.
According to the co-CEOs Alex Harper and Ryan Parsons, the employees who will be made redundant are not affected because of their lack of talent or commitment to the company but a result of the current economic climate.
?As you?re all aware, we are operating in an uncertain business environment, with levels of domestic inflation not seen in over two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession.?
The news comes a few weeks after the Brisbane-based company announced a merger valued at $1.5 billion with Sydney-based online investment platform, Superhero.
Swyftx joins a long list of crypto firms to have suffered growing pains as a result of the hefty downward trend in crypto this year.
In June, Singapore-based exchange Crypto.com, laid off 260 people, equating to 5% of its employee base while Australian cryptocurrency operator Banxa cut its workforce by 30%.