Report: Nigerian Crypto Exchange Quidax Cuts Its Workforce by 20%
The Nigerian digital asset exchange platform Quidax recently announced it had laid off employees who made up 20% of its workforce as it struggles with the effects of what it called a "global economic downturn.
" Quidam assured clients that business is "not going away anytime soon" despite the layoffs.
‘No Relationship With FTX’
According to reports, the global economic slump led the Nigerian cryptocurrency exchange Quidax to fire 20% of its "exceptionally bright personnel.
" The exchange stated that Quidax itself had "no association with FTX" and that the layoffs were unrelated to the volatility in the cryptocurrency markets caused by the FTX bankruptcy.
Big Brother Naija, the most popular reality television program in Nigeria, was sponsored by Quidax before the global economic crisis. The cryptocurrency exchange even "developed various strategies and growth estimates," according to a Nairametrics analysis.
Severance Packages for Laid-off Workers
The crypto exchange reportedly stated that growth expectations had to be cut down due to the slowdown in China, the United States, and the Eurozone. According to reports, Quidax provided the following justification for its hiring freeze:
As a result of the global economic slump, Quidax has had to make some difficult decisions. Twenty percent of our extraordinarily skilled employees had to leave. We highly value our employees, therefore making this choice has not been simple.
Quidam stated that it will connect the impacted employees to its "network of startups and founders within the financial field" in addition to providing them with their severance payouts.
The report also quotes the cryptocurrency exchange as saying that it "is not going anywhere, anytime soon." Customers were reassured by the exchange that their money was not only safe but also insured.
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Big Brother Naija, crypto exchange, Economic Downturn, Fintech, ftx, Quidax
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