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Swyftx Lays Off 21% of its Staff Following Bearish Market

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One of Australia’s most progressive cryptocurrency exchanges, Swyftx has laid off 21% of its staff as a result of the ongoing crypto winter. After addressing the workers in a town hall meeting which was held last Wednesday, the affected employees received the notice. According to the notice, 74 workers were hit by the retrenchment blow.

Alex Harper and Ryan Parsons, co-CEOs at Swyftx expressed their empathy to the affected staff but blamed it on certain conditions. A few of those conditions are an uncertain business environment, domestic inflation, and rising interest rates. Also included were a highly volatile market and the possibility of a global recession.

Some of the affected staff took to their LinkedIn profiles to announce their redundancy. Interestingly, amongst those affected is a woman who got the news while having her honeymoon in Hawaii. Both founders of the Aussie exchange were quite saddened by the decision and they did not fail to communicate this with their employees.

Swyftx Includes Well-Being Plan For Affected Staff

To aid the easy transition, a well-being plan has been designed by the organization for the affected individuals. Impacted team members received an invite in their email accounts. The invite was for an individual consultation session with their senior team leaders. 

“Every impacted team member will be able to access confidential counseling through our Employee Assistance Program for an extended period of time, as well as career support to help you find a new role. We’re also removing any minimum service required to access your ESOP and we’ll be accelerating a period of vesting on top of that”

The unaffected employees received emails confirming their new roles in Swyftx. Alex and Ryan assured the employees that this retrenchment is the company’s last resort. Reassuringly, they pointed out that this is not a reflection of how the company feels about its employees. Also, it is not a reflection of the talents and commitment of the affected individuals.

Coinbase, an American cryptocurrency exchange recently partnered with BlackRock to offer its institutional clients crypto. Before the partnership, it announced that it was cutting down its employees by 18%. This retrenchment exercise is gradually running across many crypto firms owing to the bearish market position.

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