Swyftx acquisition six months later massive layoffs, Easy Crypto team completely wiped out

[Coin World] The Australian exchange Swyftx recently made a big move — after only half a year of acquiring the New Zealand platform Easy Crypto, it has directly cut all 11 positions of the latter. The official statement is “business integration”, unified under the management of the Brisbane headquarters.

This wave of operations is quite in line with industry norms: first acquire to expand territory, then realize that maintaining two teams is too costly, so simply merge similar items. Easy Crypto has been doing well in New Zealand, but after being acquired, it became an entry point for Swyftx, making the independent team naturally unnecessary.

The on-chain data tracking platform has uncovered this news. For workers, it’s another heavy blow; however, from the company's perspective, saving a penny during a bear market is still a savings. The crypto industry has seen quite a few acquisitions in the past two years, but there haven't been many successful integrations. Whether this will affect the quality of service in the New Zealand market remains to be observed.