As it reels from the consequences of what it termed a worldwide financial downturn, the Nigerian digital asset trade platform, Quidax, just lately stated it had laid off workers who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly advised its clients it’s ‘not going wherever, anytime quickly.”
‘No Relationship With FTX’
The Nigerian cryptocurrency trade, Quidax, reportedly claimed that the following international financial downturn had pressured it to let go 20% of the platform’s “exceptionally talented people.” The trade 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”
Before the worldwide financial downturn, Quidax, which sponsored Nigeria’s greatest actuality tv present Big Brother Naija, had higher prospects. According to a report by Nairametrics, the crypto trade even “made several plans and growth projections.”
Severance Packages for Laid-off Workers
However, the financial slowdown in China, the United States, and the Eurozone space meant development projections needed to be revised downwards, the crypto trade reportedly stated. Explaining its choice to put off workers, Quidax reportedly stated:
Following the financial downturn all over the world, we’ve needed to make some powerful 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 choice to make.
In addition to giving the affected workers their severance packages, Quidax stated it’ll join them to its “network of companies and founders within the fintech space.”
Meanwhile, the crypto trade is quoted within the report stating that it’s “not going anywhere, anytime soon.” The trade reassured its clients that their funds should not solely secure but additionally insured.
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