NFT Collection The Superlative Secret Society Price, Stats, and Review
Tiny Island, Big Move: Nauru Launches Crypto Oversight Authority
Cardano enters Brave Wallet’s beta program — can access to 88M users lift ADA from lows?
Kraken launches Bitcoin staking service through Babylon integration
Arizona Senate Reconsiders Bitcoin Reserve Bill
Could a nuclear war kill crypto? AI predicts Bitcoin’s fate in doomsday scenario
Best Cryptos To Buy While Bitcoin Dominance Peaks — Altcoin Season May Have Already Started
Russia’s Digital Ruble Marches Toward 2026 Mass Adoption
XRP Price Action Tightens — Breakout Looms to The Upside
Tron: $0.30 in sight for TRX, but only if bulls clear THIS level
Institutions Now Dominate Bitcoin On-Chain Activity
Ethereum Co-Founder Predicts ETH Will Eclipse Global GDP
Dogecoin Gears Up For 60% Move—Will It Be Up Or Down?
Arizona Senate revives Bitcoin reserve bill after reconsideration vote
North Korea targets crypto workers with new info-stealing malware
Tether Aids $225M Seizure in US Secret Service’s Largest Crypto Bust Ever
Bitcoin trades near $105K amid low volatility; analysts offer mixed outlooks
Ethereum Price Stuck In a Range — Are Bulls Ready to Break Out?
Bitcoiners split on $94K or $114K for BTC’s next move as it trades sideways
Bitcoin Breakdown Begins? Bearish Move Hints At A Drop To The $92,000 Level
Here’s Why Solana Might Outshine Ethereum in the Long Run
‘Cardano may be about to outperform Bitcoin’ – The case for ADA’s bull run
Report: Nigerian Crypto Exchange Quidax Cuts Its Workforce by 20%
As it reels from the effects of what it termed a global economic downturn, the Nigerian digital asset exchange platform, Quidax, recently said it had laid off employees who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly told its customers it is ‘not going anywhere, anytime soon.”
‘No Relationship With FTX’
The Nigerian cryptocurrency exchange, Quidax, reportedly claimed that the ensuing global economic downturn had forced it to let go 20% of the platform’s “exceptionally talented people.” The exchange insisted the lay-offs were not linked to the FTX collapse-fueled turmoil in crypto markets and that Quidax itself had “no relationship with FTX”
Before the global economic downturn, Quidax, which sponsored Nigeria’s biggest reality television show Big Brother Naija, had better prospects. According to a report by Nairametrics, the crypto exchange even “made several plans and growth projections.”
Severance Packages for Laid-off Workers
However, the economic slowdown in China, the United States, and the Eurozone area meant growth projections had to be revised downwards, the crypto exchange reportedly said. Explaining its decision to lay off employees, Quidax reportedly said:
Following the economic downturn around the world, we have had to make some tough decisions at Quidax. We had to say goodbye to 20% of our exceptionally talented people. We deeply value our people and it has not been an easy decision to make.
In addition to giving the affected employees their severance packages, Quidax said it will connect them to its “network of companies and founders within the fintech space.”
Meanwhile, the crypto exchange is quoted in the report stating that it is “not going anywhere, anytime soon.” The exchange reassured its customers that their funds are not only safe but also insured.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.
