Swyftx crypto exchange lays off 90 staff following FTX crash

Last Updated on 2 hours by John Piper

Swyftx is an Australian cryptocurrency exchange that has fired 90 employees following uncertainty from the crash of FTX.

Alex Harper, Swyftx’s co-CEO, announced the news in a statement. Harper stated that the move was made in preparation for a worst-case scenario for global cryptocurrency trading in 2023. Harper stated that Swyftx doesn’t have any direct exposure for FTX or FTX customers. However, he noted that other exchanges and the company could be affected by the crash and eventual fall of the industry over the next year. He said:

“As we have just stated to the team Swyftx is not directly exposed to FTX but we aren’t immune to the fallout in crypto markets due to it.” We must prepare for the worst case scenario of significant global trade volume drops during H1 and potential black swan-type events em>

The 90 Swyftx members represent 35% of the total staff. This is a bearish sign despite increased trading volumes in November. Harper acknowledged that his business may be ” uniquely positioned to weather events such as FTX”but cautions must still be taken in order to avoid problems later on if the market goes down. Harper admitted that he was acting with extreme caution but said that his team is the largest fully-owned and operated Australian exchange.it is difficult for investors to take risks when the market is uncertain.

Digital Surge, an Australian trading platform, has stopped withdrawals and deposits at the same time that Swyftx is closing its doors. Although the suspension of services appears to have been in response to the FTX collapse, Digital Surge, an Australian-based trading platform, has yet to comment or offer any public information.

The first Coin Insider article was Swyftx crypto-exchange lays off 90 employees following FTX crash

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