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

Because it reels from the consequences of what it termed a world financial downturn, the Nigerian digital asset change platform, Quidax, just lately stated it had laid off staff who constituted 20% of its workforce. Regardless of the layoffs, Quidax reportedly advised its prospects it’s ‘not going anyplace, 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 gifted individuals.” 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 largest actuality tv present Huge Brother Naija, had higher prospects. In line with a report by Nairametrics, the crypto change even “made a number of plans and progress projections.”

Severance Packages for Laid-off Staff

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

Following the financial downturn all over the world, we now have needed to make some robust selections at Quidax. We needed to say goodbye to twenty% of our exceptionally gifted individuals. We deeply worth our individuals and it has not been a straightforward choice to make.

Along with giving the affected staff their severance packages, Quidax stated it’ll 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 anyplace, anytime quickly.” The change reassured its prospects that their funds are usually not solely secure but in addition insured.

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Terence Zimwara

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