Because it reels from the consequences of what it termed a worldwide financial downturn, the Nigerian digital asset trade platform, Quidax, lately mentioned 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 trade, Quidax, reportedly claimed that the following international financial downturn had compelled it to let go 20% of the platform’s “exceptionally gifted individuals.” 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”
Earlier than the worldwide financial downturn, Quidax, which sponsored Nigeria’s largest actuality tv present Massive Brother Naija, had higher prospects. In response to a report by Nairametrics, the crypto trade even “made a number of plans and development projections.”
Severance Packages for Laid-off Staff
Nonetheless, the financial slowdown in China, the USA, and the Eurozone space meant development projections needed to be revised downwards, the crypto trade reportedly mentioned. Explaining its choice to put off staff, Quidax reportedly mentioned:
Following the financial downturn all over the world, we have now needed to make some robust choices at Quidax. We needed to say goodbye to 20% of our exceptionally gifted individuals. We deeply worth our individuals and it has not been a simple choice to make.
Along with giving the affected staff their severance packages, Quidax mentioned it is going to join them to its “community of corporations and founders throughout the fintech house.”
In the meantime, the crypto trade is quoted in the report stating that it’s “not going anyplace, anytime quickly.” The trade reassured its prospects that their funds are usually not solely protected but in addition insured.
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