- The cryptocurrency exchange announced in June that it would merge with Superhero.
- Swyftx is the latest cryptocurrency company to suffer from growing pains.
To combat the current bear market, Australian crypto exchange Swiftex It had to lay off 21% of its workforce. Co-CEOs Alex Harper and Ryan Parsons sent a letter Wednesday explaining the need to lay off 74 employees due to the significant change in the economy since their appointment.
“As you all know, we operate in an uncertain business environment, with levels of domestic inflation not seen in over two decades, high interest rates, highly volatile markets across all asset classes, and the potential for a global recession.”
Swyftx is the latest cryptocurrency company to experience growing pain as a result of this year’s major bear market. Other companies, such as Queen Piece And the Twins In the United States, it has already reduced its workforce by 18% and 20%, respectively.
The crypto exchange announced in June that it would merge with Superhero, an Australian online investment platform, in a $1.5 billion deal set to close in mid-2023. Superhero co-founder John Winters said at the time that the two platforms would operate separately and there would be no layoffs due to integration
Almost all of the top 50 cryptocurrencies, led by Bitcoin (BTC), have seen their values drop into the red. After rising over $24,000, Bitcoin has now fallen below $22,000. This crypto winter seems to be much worse than what we’ve seen before. according to CMCToday, the bitcoin price is $21,428.46 with a 24-hour trading volume of $37,286,884,608 USD. Bitcoin is down 8.44% in the last 24 hours.
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