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

Because it reels from the results of what it termed a worldwide financial downturn, the Nigerian digital asset change platform, Quidax, lately mentioned it had laid off workers 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 compelled 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 greatest actuality tv present Huge Brother Naija, had higher prospects. In accordance with a report by Nairametrics, the crypto change even “made a number of plans and development projections.”

Severance Packages for Laid-off Employees

Nonetheless, the financial slowdown in China, the USA, and the Eurozone space meant development projections needed to be revised downwards, the crypto change reportedly mentioned. Explaining its resolution to put off workers, Quidax reportedly mentioned:

Following the financial downturn world wide, we’ve got 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 simple resolution to make.

Along with giving the affected workers their severance packages, Quidax mentioned it can join them to its “community of corporations and founders throughout the fintech area.”

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 additionally insured.

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Terence Zimwara

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