Crypto exchange Swytfx cuts 74 staff amid warnings of an ‘extended period of economic uncertainty’

Brisbane cryptocurrency exchange Swyftx has laid off 74 staff in the wake of its merger with share trading platform Superhero in June.

Co-CEOs Alex Harper and Ryan Parsons broke the news to the a 320 team at a “townhall” meeting on Wednesday saying that they’d decided to reduce the site of the business in the face of global economic headwinds.

The job losses represent 21% of the existing workforce, which is being reduced to around 250.

Co-founded in 2018 by Harper and Angus Goldman, Swyftx has more than 600,000 retail and corporate investors in Australian and New Zealand, offering access to more than 320 digital currencies.

In a note to its “Swyftxers”, as the fintech calls its employees, Harper and Ryan said the decision was “a last resort” after “a period of quite extraordinary growth”.

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