Nigerian Crypto Firm Quidax Fires 20 Percent Of Its Workforce, Says Nothing To With FTX Collapse: Report

Quidax said layoffs were not due to the domino effects of the FTX failure as it was not associated with the company in any way.

The crypto industry seems to be in deep trouble due to the ongoing economic slowdown. Nigerian crypto exchange firm, Quidax, cut 20 percent of its total workforce due to the global economic slowdown and its effects on the firm. The company clearly stated that the people who were let go constituted to be "exceptionally talented people" of the firm. As per a report by Bitcoin.com, Quidax informed its customers it is "not going anywhere, anytime soon." It also clarified that the current cut in its workforce was not associated with FTX failure in any way, as it had "no relationship with FTX."
 
Quidax is reportedly known for sponsoring Nigeria's biggest reality television show, Big Brother Naija, prior to the start of the global economic downturn. It further added that the company had better prospects earlier.

As per earlier media reports, the crypto exchange "made several plans and growth projections" earlier. Reportedly, Quidax said the economic slowdown in China, the United States, and the Eurozone regions caused the previous growth projections to be revised downward.

Commenting on the layoffs, the company 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 percent of our exceptionally talented people. We deeply value our people, and it has not been an easy decision to make."

The company gave severance packages to its employees, and said that Quidax will help all laid-off employees connect with its "network of companies and founders within the fintech space."

The current turmoil in the crypto industry has left everyone concerned. Allaying the fears and concerns of its own customers, Quidax said that its funds are safe and insured.

This is not a standalone case of layoff due to the global economic slowdown, as other tech giants also fired several thousand of their workforce earlier. These include companies like Amazon, Meta, Twitter, and Microsoft.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.