Brisbane cryptocurrency exchange Swyftx has laid off 74 staff following its merger with the stock trading platform giant in June.
CEO Alex Harper and Ryan Parsons broke the news to the 320 team at a “town hall” meeting on Wednesday, saying they had decided to downsize the business amid the global economy.
The job losses represent 21 percent of the current workforce, which is down to around 250.
Founded in 2018 by Harper and Angus Goldman, Swyftx provides access to over 320 digital currencies to over 600,000 retail and corporate investors in Australia and New Zealand.
In a memo to SwiftXers, Harper and Ryan said the decision was a “last resort” after an “exciting period of growth” as the fintech called off its staff.
“As you all know, we operate in an uncertain business environment with domestic inflation flat for more than two decades, interest rates rising, highly volatile markets across all asset classes and a global recession. They wrote.
“We’re starting to grow our team in a very different world and it’s smart to make sure our cost base is consistent with this extended economic uncertainty.”
Laid-off workers are being told their fate today.
Like other startups with employee share programs that have laid off employees, Swyftfx is eliminating any minimum service requirements for employee access to an ESOP and is speeding up the vesting period.
“Letting go of 21 percent of our team is a difficult decision,” the co-CEO told his staff.
“It’s our collective responsibility to drive this business forward and support each other as a 250-plus strong team. We can’t help but focus on building towards our vision together.”