Swift also resorted to the crypto dismissal strategy! Swyftx, a cryptocurrency exchange based in Australia, has announced the elimination of a total of 90 employees in anticipation of a disaster that could lead to the consequences of FTX and the expected decline in global trading volume in 2019.
Swyftx cuts its workforce by 40%
Swyftx Co-CEO Alex Harper announced the news in a Dec. 5 and said that although there is no show on FTX, the company has no consequences. Despite the increase in this data in November, the spokesperson of Swyftx told the media that the 40% reduction in the number of users is also expected to coincide with the decrease in business.
Dismissing an employee due to FTX failure
The representative said that the exchange has dismissed the expectation of a sharp decline in global trading volumes in the first half of 2023 and the subsequent fall of FTX. In the ad, Harper added that to survive the long winter, tough choices are needed.
Although he was hit hard by the FTX failure, a representative of Swyftx pointed out that the company’s balance sheet was not affected.
Significant impact on the marketing team
Harper also revealed that the staff cuts will reduce operating expenses and the company’s financial statements and make it more cautious in its business decisions.
The spokesman continued, Swyftx maintains strong profits, but the exchange is not ready to take risks after FTX and is cautious about next year’s expenses. According to a representative of Swyftx, the company’s sales team is the most affected by the reduction of employees.