Nigerian Crypto Exchange Quidax Cuts Its Workforce by 20% – Exchanges Bitcoin News


Because it reels from the results of what it termed a world financial downturn, the Nigerian digital asset change platform, Quidax, just lately stated it had laid off workers who constituted 20% of its workforce. Regardless of the layoffs, Quidax reportedly advised its clients it’s ‘not going wherever, anytime quickly.”

‘No Relationship With FTX’

The Nigerian cryptocurrency change, Quidax, reportedly claimed that the following international financial downturn had compelled it to let go 20% of the platform’s “exceptionally gifted folks.” The change insisted the lay-offs weren’t linked to the FTX collapse-fueled turmoil in crypto markets and that Quidax itself had “no relationship with FTX”

Earlier than the worldwide financial downturn, Quidax, which sponsored Nigeria’s greatest actuality tv present Huge Brother Naija, had higher prospects. In keeping with a report by Nairametrics, the crypto change even “made a number of plans and progress projections.”

Severance Packages for Laid-off Staff

Nevertheless, the financial slowdown in China, america, and the Eurozone space meant progress projections needed to be revised downwards, the crypto change reportedly stated. Explaining its choice to put off workers, Quidax reportedly stated:

Following the financial downturn world wide, we’ve got needed to make some powerful choices at Quidax. We needed to say goodbye to twenty% of our exceptionally gifted folks. We deeply worth our folks and it has not been a straightforward choice to make.

Along with giving the affected workers their severance packages, Quidax stated it should join them to its “community of corporations and founders inside the fintech house.”

In the meantime, the crypto change is quoted within the report stating that it’s “not going wherever, anytime quickly.” The change reassured its clients that their funds aren’t solely protected but in addition insured.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

Picture Credit: Shutterstock, Pixabay, Wiki Commons


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