The cryptocurrency exchange claimed that, while it has no significant vulnerability to the Futures Exchange, FTX’s impact on the cryptocurrency world is what led to the massive layoffs.
Swyftx, the Australian cryptocurrency exchange, announced on Monday that it had dropped 90 positions as a consequence of the crypto market downturn. As per a representative, the firm had about 259 workforces well before the cutbacks, which indicates that the firm is going to reduce about 35% of its overall workforce.
Swyftx further added that it doesn’t have any strong correlation to the insolvent cryptocurrency community behemoth, Futures Exchange. The company claimed that the layoffs are due to the Futures Exchange’s disruption of the cryptocurrency market. Approximately 630,000 people use the cryptocurrency exchange, claims Alex Harper, the co-founder of Swyftx in a recent blog article.
The layoffs of the workforce are occurring as the cryptocurrency market is still struggling to recover from the blowback from the Futures Exchange scandal as well as from the subsequent cryptocurrency market decline. Bybit, a cryptocurrency exchange, made a 30% staff reduction announcement on Sunday.
