CryptoAU

Swyftx Layoffs

August 2022

Swyftx announced a layoff affecting 74 employees (21% of its workforce) in August 2022. The company operates in the Crypto sector.

People Affected

Percentage

21%

Announced Date

Aug 17, 2022

About

Australian cryptocurrency exchange Swyftx laid off 74 employees, representing 21% of its workforce, in response to a challenging economic environment marked by high inflation, rising interest rates, and market volatility. The company's co-CEOs announced the difficult decision, emphasizing it was a last resort to align costs with an extended period of uncertainty. The layoffs occurred in 2022, impacting the fintech industry, and the company, which had grown significantly, is providing support including career counseling and accelerated equity vesting to affected staff.