Report: Nigerian Crypto Exchange Quidax Cuts Its Workforce by 20%

1 year ago

Nigerian Crypto Exchange Quidax Cuts Its Workforce by 20%

As it reels from the effects of what it termed a planetary economical downturn, the Nigerian integer plus speech platform, Quidax, precocious said it had laid disconnected employees who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly told its customers it is ‘not going anywhere, anytime soon.”

‘No Relationship With FTX’

The Nigerian cryptocurrency exchange, Quidax, reportedly claimed that the ensuing planetary economical downturn had forced it to fto spell 20% of the platform’s “exceptionally talented people.” The speech insisted the lay-offs were not linked to the FTX collapse-fueled turmoil successful crypto markets and that Quidax itself had “no narration with FTX”

Before the planetary economical downturn, Quidax, which sponsored Nigeria’s biggest world tv amusement Big Brother Naija, had amended prospects. According to a report by Nairametrics, the crypto speech adjacent “made respective plans and maturation projections.”

Severance Packages for Laid-off Workers

However, the economical slowdown successful China, the United States, and the Eurozone country meant maturation projections had to beryllium revised downwards, the crypto speech reportedly said. Explaining its determination to laic disconnected employees, Quidax reportedly said:

Following the economical downturn astir the world, we person had to marque immoderate pugnacious decisions astatine Quidax. We had to accidental goodbye to 20% of our exceptionally talented people. We profoundly worth our radical and it has not been an casual determination to make.

In summation to giving the affected employees their severance packages, Quidax said it volition link them to its “network of companies and founders wrong the fintech space.”

Meanwhile, the crypto speech is quoted successful the study stating that it is “not going anywhere, anytime soon.” The speech reassured its customers that their funds are not lone harmless but besides insured.

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Terence Zimwara

Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.