Swyftx Axes Employees Amid Market Downturn 

– Swyftx sacks employees amid market crash – The platform is feeling the effect of the market crash – Crypto companies continue to axe worker

The early years

Swyftx crypto exchange has announced its decision 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. 

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A total of 74 employees have been sacked as the company continues to face economic turmoil. Co-CEO Alex Harper mentions 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.

Swyftx feels the effect of the bearish market

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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.  The company`s spokesperson says the decision will help the company mitigate certain financial aspects until the market returns to how it was before.

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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. Coinbase 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. 

Companies continue to axe worker

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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.

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