4 months ago 1 min read

20% Workforce Reduction at Nigerian Crypto Exchange Quidax


The Nigerian digital asset exchange platform Quidax recently announced it has laid off employees who made up 20% of its workforce as it struggles with the repercussions of what it called a worldwide economic slowdown. Despite the layoffs, Quidax apparently assured its clients that it would "not be leaving anytime soon".

Declares "No Affiliation With FTX"

The subsequent global economic downturn, according to the Nigerian cryptocurrency exchange Quidax, reportedly forced it to fire 20% of the platform's "exceptionally talented people" but the exchange insisted the layoffs were unrelated to the turmoil in the crypto markets caused by the FTX collapse and that Quidax itself had "no affiliation with FTX."

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.

Compensation for Layoffs: Severance Packages

The crypto exchange reportedly stated that growth expectations had to be cut downward due to the slowdown in China, the United States, and the Eurozone. According to reports, Quidax provided the following justification for its hiring freeze:

"Following the economic downturn around the world, we have had to make some tough decisions at Quidax. We had to say goodbye to 20% of our exceptionally talented people. We deeply value our people and it has not been an easy decision to make."

Quidax 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 story also quotes the cryptocurrency exchange as saying that it is "not going anywhere, anytime soon" and assuring its clients that their money is not just safe but also guaranteed.

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