Of course, Swyftx is not alone. Last week, Melbourne crypto start-up CoinJar also axed 20% of its employees.
The entire cryptocurrency is reeling from the sudden collapse of the FTX empire, which some critics believe could be the end of crypto. Roughly 30,000 of Australians have been affected by the downfall of the $32 billion giant. While Swyftx didn’t have any direct exposure to the troubled FTX exchange, it has been hit by a crisis of confidence triggered by the company’s collapse. and Gemini, announced mass layoffs.
However, Ripple and some other companies remain seemingly unfazed by the crypto winter as they continue hiring.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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