CEO Change and Layoffs Hit 300-Person Team
Brisbane-based crypto exchange Swyftx replaced CEO Jason Titman after less than two years and cut 15% of staff following a year of aggressive M&A. Cofounders Alex Harper and CFO Andrea Yuen stepped in as acting co-CEOs.
The cuts affect a post-acquisition headcount of roughly 300 people. That team grew through two major deals: a $33 million acquisition of New Zealand's Easy Crypto in March 2025, and US-focused brokerage Caleb & Brown for over $100 million six months later. Combined, those deals added operations across Australia, New Zealand, South Africa, and the US.
A company spokesperson said the restructure aims to "remove duplication, simplify operations and capture efficiencies" after the business "increased in size and complexity." Translation: they bought two companies, found overlapping roles, and are now cutting.
Startup Daily reports discussions on the restructure began last month. While Swyftx quotes a 15% cut, the actual number is likely north of 35 roles from a 300-person base. No breakdown on which teams are hit hardest, though post-merger integration typically targets duplicated functions: ops, back-office, and yes, sales support.
What This Means for ANZ Crypto Sales
Swyftx positioned itself as the ANZ crypto leader through acquisition, not organic growth. That strategy works until you need to integrate three different sales teams, tech stacks, and go-to-market models. This restructure is what that integration looks like.
For sales professionals in ANZ crypto: watch how they rebuild the revenue org. Caleb & Brown brought a high-net-worth brokerage model targeting US clients. Easy Crypto added a retail NZ base. Swyftx's original platform serves Australian retail traders. Three different sales motions, three different ideal customer profiles.
The cofounder-led co-CEO structure is temporary. Acting roles usually are. When they hire a permanent CEO, that is when the real go-to-market strategy gets locked in. Until then, expect more changes.
Context: ANZ Tech Cuts Continue
This layoff fits the broader 2025-2026 ANZ tech contraction. Multiple startups that scaled aggressively during 2023-2024 funding highs are now rightsizing. Hiring freezes are common. Leadership churn is up. Sales teams are not immune.
Swyftx's 1.1 million combined users make it a significant ANZ player, but crypto remains volatile. US regulatory shifts under the current administration have not delivered the boom many expected. That changes sales targets and, ultimately, headcount needs.