Nigerian Cryptocurrency Alternate, Quidaxit has fired at the very least 20 of its staff, which represents 25% of its workforce.

This comes only a few months after the corporate invested hundreds of thousands of naira in sponsoring the seventh season of Huge Brother NaijaNigeria’s hottest actuality present.

The corporate first lower its employees’ wages by 30% in August this yr, whereas the layoffs have been the ultimate straw.

Coming at a time when the cryptocurrency business remains to be battling the results of the collapse of the world’s second largest cryptocurrency alternate, FTXQuidax clarified that their dismissals will not be associated to the FTX saga, since they’ve “no relation to FTX.”

financial fall: The corporate, nevertheless, blamed its issues on the financial downturn. In an announcement asserting the layoff, the corporate stated:

The information continues after this announcement.




  • “We now have some troublesome information to share with our group in the present day. Following the financial downturn around the globe, we have now needed to make some powerful choices 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 determination to make.
  • “In June 2021, the worldwide financial system was on observe for a strong post-COVID restoration with development of at the very least 5.6%. Issues have been trying up and we made numerous plans and projections for development as an organization in early 2022. In 2022, the three largest economies (China, the US, and the Eurozone) skilled lowered development. This has affected the worldwide financial system, which slowed to three.2% development.

Whereas guaranteeing that its shoppers’ funds are secure and insured via insurance coverage protection from its escrow associate, Quidax stated it stays in enterprise and is “not going anyplace any time quickly.”

severance packages: For the laid off workers, the corporate stated it could proceed to help them by offering a severance bundle and offering medical health insurance for the affected staff and their households.

The information continues after this announcement.


  • He added that affected staff will even be paid the discover interval they’d have needed to give if they’d resigned. “We are going to join affected staff with our community of corporations and founders throughout the fintech house.” He stated.

when issues have been going properly: In March this yr, Quidax had launched fashionable showbiz private Don Jazzy as their ambassador in a multi-million greenback deal.

  • The corporate adopted go well with in July by being one of many sponsors of BBNaija Season 7, the place it additionally doled out N10 million plus a visit to Dubai to viewers of the present.

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