Because it reels from the results of what it termed a worldwide 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 informed its prospects 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 pressured it to let go 20% of the platform’s “exceptionally proficient 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 Massive Brother Naija, had higher prospects. Based on 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, the US, and the Eurozone space meant progress projections needed to be revised downwards, the crypto change reportedly stated. Explaining its determination to put off workers, Quidax reportedly stated:

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

Along with giving the affected workers their severance packages, Quidax stated it’s going to join them to its “community of corporations and founders throughout 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 prospects that their funds are usually not solely protected but additionally insured.

Register your e mail right here to get a weekly replace on African information despatched to your inbox:

What are your ideas on this story? Tell us what you suppose within the feedback part under.

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.