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

As it reels from the results of what it called a worldwide financial recession, the Nigerian digital possession exchange platform, Quidax, just recently stated it had actually laid off workers who made up 20% of its labor force. Regardless of the layoffs, Quidax apparently informed its clients it is ‘not going anywhere, anytime quickly.”

‘No Relationship With FTX’

The Nigerian cryptocurrency exchange, Quidax, apparently declared that the occurring worldwide financial recession had actually required it to let go 20% of the platform’s “incredibly skilled individuals.” The exchange firmly insisted the lay-offs were not connected to the FTX collapse-fueled chaos in crypto markets which Quidax itself had “no relationship with FTX”

Prior to the worldwide financial recession, Quidax, which Nigeria’s greatest truth tv program Huge Bro Naija, had much better potential customers. According to a report by Nairametrics, the crypto exchange even “made numerous strategies and development forecasts.”

Severance Plans for Laid-off Employees

Nevertheless, the financial downturn in China, the United States, and the Eurozone location indicated development forecasts needed to be modified downwards, the crypto exchange apparently stated. Discussing its choice to lay off workers, Quidax apparently stated:

Following the financial recession all over the world, we have actually needed to make some hard choices at Quidax. We needed to bid farewell to 20% of our incredibly skilled individuals. We deeply worth our individuals and it has actually not been a simple choice to make.

In addition to providing the impacted workers their severance plans, Quidax stated it will link them to its “network of business and creators within the fintech area.”

On the other hand, the crypto exchange is estimated in the report mentioning that it is “not going anywhere, anytime quickly.” The exchange assured its clients that their funds are not just safe however likewise guaranteed.

Register your e-mail here to get a weekly upgrade on African news sent out to your inbox:

What are your ideas on this story? Let us understand what you believe in the remarks area listed below.