Brisbane crypto exchange Swyftx lays off one in five employees

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A Brisbane-based cryptocurrency company has laid off 21% of its workforce and an employee learned she lost her job while on honeymoon in Hawaii.

Cryptocurrency exchange called Swyftx, which announced a $1.5 billion merger with online stock trading platform Superhero in June, told staff on Wednesday it was laying off 74 employees.

Swyftx co-chief executives Alex Harper and Ryan Parsons said they were “deeply saddened” to be downsizing the company.

“As you all know, we are operating in an uncertain business environment, with levels of domestic inflation not seen in over two decades, rising interest rates, highly volatile markets across all asset classes and the potential for a global recession,” they told staff.

“We have started to grow our team in a very different world and it is now prudent to ensure that our cost base is compatible with this long period of economic uncertainty.”

Some of the 74 roles involved included customer support, marketing, engineering, and other general fintech roles.

A number of Swyftx employees took to LinkedIn to share the “sad” news.

An employee, who worked as a sales manager, revealed she celebrated her first anniversary with the company last week only to find she had lost her job while on honeymoon in Hawaii.

“It’s been an incredible year, filled with purpose, strategy, problem solving, upskilling, mentorship, innovation, networking, and I’ve gotten a taste of what it’s like to working for a fintech start-up/scale-up. Very different from corporate,” she shared on LinkedIn.

“I believe in Swyftx’s vision and look forward to cheering from behind the scenes watching the remaining team deliver an unparalleled product and customer experience.”

Another staff member said his job loss came at an “interesting time”.

“I’m getting married on Saturday followed by a honeymoon. I’m going to take this time to decompress and think about what’s next,” the sponsorship manager wrote on LinkedIn.

‘Feeling disappointed’

Another employee said it had been “quite a journey” and that leaving was “anything but easy”.

“It’s the first time I’ve been fired,” said the engineer.

“A mix of emotions running through my mind right now that’s hard to put into words – feeling disappointed, thoughtful, open-minded and adventurous – all at the same time.”

Surprisingly, in the past week, the company has also recruited for positions such as chief financial officer, director of cloud engineering and implementation specialist on LinkedIn.

The cuts are a big hit for the company, which was founded in 2018 and has grown to employ more than 250 people, and comes after sponsoring this year’s original state as part of a three-party partnership years with NRL as its exclusive crypto exchange. partner.

Technological bloodbath

Swyftx employees are the latest victims of the battered tech and cryptocurrency sector with a series of brutal cuts lately.

Recently, another Brisbane-based company, a telecommunications and IT infrastructure company called Megaport, revealed that a whopping $1.6 million had been spent to pay the 10% of laid-off employees.

An Australian social media startup called Linktree, recently valued at $1.78 billion, has laid off 17% of staff from its global operations, it revealed this month.

Meanwhile, fellow crypto platform Immutable, which was valued at $3.5 billion, faced a backlash earlier this month after laying off 17% of its gaming division staff. , while continuing to “aggressively hire” after raising $280 million in funding in March.

Then there was the Australian healthcare start-up Eucalyptus which provides treatments for obesity, acne and erectile dysfunction, which laid off up to 20% of its staff after a company investment withdrew funding at the last minute.

Debt collection start-up Indebted laid off 40 of its employees just before the end of the financial year, despite a skyrocketing valuation of more than $200 million, with most of the layoffs in sales and marketing .

The growing list of layoffs also included Australian supplier Brighte, which offers money for home improvements and solar power, which laid off 15% of its staff in June, with mainly development-based roles business and new products.

Another buy now, pay later provider with offices in Sydney, called BizPay, has laid off 30% of its workforce, blaming market conditions for the huge downsizing in May.

Earlier this year, a solar-focused start-up called 5B Solar, which has the backing of former Prime Minister Malcolm Turnbull, also laid off 25% of its staff after completing a capital raise that would inject 30 million dollars in the business.

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