Swyftx cuts 40% of staff as it braces against 'worst-case scenario'
The Australian crypto exchange said while it had no exposure to FTX, it was "not immune" to its fallout. Australian-based crypto exchange Swyftx has laid off a total of 90 staff members, which it said was in preparation for a “worst-case scenario” caused by the fallout of FTX and a potential fall in global trading volumes next year. The news was shared by Swyftx co-CEO Alex Harper in a Dec. 5 statement, noting that despite not having any exposure to FTX, the company was “not immune” to the fallout over the bankrupt exchange, adding: “As a result, we have to prepare in advance for a worst-case scenario of further significant drops in global trade volumes during H1 next year and the potential for more black swan-type events.” A Swyftx spokesperson told Cointelegraph that the 40% staff cut was also in anticipation of a fall in trading volumes, despite these figures increasing in November. “We have let go of staff in expectation of a potentially sharp fall in global trade volum...