The job cuts would equate to a reduction of almost 45% of Swyftx’s total workforce.

Australian crypto exchange Swyftx has cut some 90 jobs citing the crypto downturn, the firm said on Monday.

According to LinkedIn, the exchange has some 200 employees, which would imply that Swyftx is reducing some 45% of its total workforce.

Swyftx also said that it has no direct exposure to the bankrupt crypto giant FTX. The firm said the job cuts are a result of the crypto market downturn caused by FTX.

The crypto exchange has around 630,000 customers, according to the blog post by Swyftx co-founder Alex Harper.

The job cuts come at time when the crypto market is reeling from the impact of the FTX fallout and subsequent market downturn. Crypto exchange Bybit announced a 30% workforce reduction on Sunday.

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