Swyftx crypto exchange has announced that it has decided to axe 21% of its employees amid the biting market crash. This phenomenon has continued to overtake the market as most companies look for ways to reduce costs. According to the update by the crypto exchange, the decision was made to enable the platform to limit costs as the bear market continues to ravage the crypto sector.
Swyftx is feeling the effect of the bearish market
According to the statement from the CEOs of the platform, a total of 74 employees have been sacked as the company continues to face economic turmoil. In the statement, co-CEO Alex Harper mentioned that the staff was hired under better conditions, and things have taken a turn for the worst in this present time. He mentioned that the market is currently seeing a massive rise in inflation, among other economic turmoil affecting both the crypto market and other sectors of the general financial market.
The CEO mentioned that axing the staff was not a result of tuber attitude to work or performance. He finalized that the move was the last resort to help Swyftx through this trying period. According to a spokesperson for the company, the decision will help the company mitigate certain financial aspects until the market returns to how it was before.
Companies continue to axe workers
The traders in the crypto market have had to endure the bearish return in the crypto market since the start of the year. As expected, Bitcoin is presently leading with the digital asset seeing losses over the last few months to lose a massive amount of its value. The spokesperson also lauded the efforts of the axed members and assured them that Swyftx would help them through this uncertain period.
Swyftx has become one of the long lists of companies that have had to reduce the number of staff in their companies in the last few months. Leading the charge is Coinbase, which had to cut almost 20% of its employees, with exchanges like Gemini also joining the pack. Swyftx announced some months ago that it had finalized plans to merge with another company in Australia. The merger with the Superhero platform was expected to bring about $1 billion.
During the announcement, there were assurances that both companies would not let go of any workers as they intend to work independently. This latest staff cut is coming off the back of Crypto.com’s cut, which saw the company eliminate 5% of its staff. However, other sources claim that the figure is much higher and could be as high as 1000 workers.
