Brisbane-based cryptocurrency exchange Swyftx has laid off some 15 per cent of its workforce and replaced its chief executive after the company landed two major acquisitions during a period of Bitcoin decline.
On Thursday, Swyftx announced company cofounder Alex Harper and chief financial officer Andrea Yuen would replace former head Jason Titman under new acting co-chief executive roles.
Following the change in leadership, Nine reported nearly 20 per cent of Swyftx’s workforce had also been laid off.
Speaking with Information Age, a spokesperson emphasised this figure was closer to 15 per cent, and that the cuts were part of a restructure designed to “remove duplication, simplify our operations and capture efficiencies”.
Information Age understands some 37 roles were impacted last month, but the number of jobs affected by the restructure could change pending ongoing consultations with employees.
"The restructure will allow us to prioritise investment in innovation,” the spokesperson said.
“Unfortunately, the proposals have resulted in a number of roles being put at risk of redundancy as we bring our teams together.
“Our primary concern at this moment is for impacted team members and we are offering them our full support.”
Swyftx has more than a million customers across Australia, New Zealand, and the United States, and was last year recognised by Deloitte as one of Australia’s fastest-growing technology businesses.
Bitcoin value drops after big acquisitions
Swyftx’s spokesperson explained the company had “increased in size and complexity” following two major acquisitions over the last 12 months.
These acquisitions included a $32.9 million purchase of New Zealand exchange Easy Crypto in March 2025, and a separate $100 million acquisition of US-focused trading broker Caleb & Brown in October.
Meanwhile, the past 12 months have seen the price of leading cryptocurrency Bitcoin decline roughly 20 per cent – despite endorsements from the Trump administration.
Although Bitcoin saw numerous price spikes in 2025 and a near $190,000 peak in October, the virtual currency suffered a late-2025 downturn which was widely linked to the US president’s global tariff scheme, and closed Thursday at approximately $101,985.
Notably, Swyftx also terminated 90 employees from its workforce in December 2022, amid a wider cryptocurrency downturn tied to the bankruptcy of once-popular crypto exchange FTX.
Those layoffs, which at the time constituted more than a third of Swyftx’s workforce, followed another bout of 74 layoffs earlier in the same year.
The successive redundancies preceded a $135 million loss in the 2023 financial year, according to Nine.
Swyftx has not publicly attributed its restructure to the performance of Bitcoin.
Top staff exit as co-CEOs take the helm
Separately to Swyftx’s restructure, the company’s change of leadership also saw Cathryn Lyall appointed acting chair.
“Alex [Harper] and Andrea [Yuen] have a deep understanding of the industry and are uniquely well placed as a duo to lead the business,” said Lyall.
Titman, who took the mantle of chief executive in mid-2024, served less than two years before being replaced by Harper and Yuen.
“We thank Jason [Titman] for his contributions over the last two years,” added Lyall.
Tommy Honan, former director of products, also announced on LinkedIn that he’d officially “closed” his seven-year chapter at Swyftx.
“From early-stage startup energy, where things play out as they do, to building something at real scale — it’s been a journey full of learning, pressure, and plenty of moments that stick with you,” said Honan.
Swyftx’s layoffs mark the latest in a string of Australian technology industry job cuts, many of which have been attributed to a wave of corporate AI adoption.
Australian software companies WiseTech and Atlassian announced cuts earlier this year, as did Afterpay’s parent company Block, while banks such as the Commonwealth Bank and Bendigo Bank have also confirmed reductions in their technology staff.
