{"id":14901,"date":"2022-11-28T10:05:09","date_gmt":"2022-11-28T10:05:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nigerian-crypto-exchange-quidax-cuts-its-workforce-by-20-exchanges-bitcoin-news\/"},"modified":"2022-11-28T10:05:09","modified_gmt":"2022-11-28T10:05:09","slug":"nigerian-crypto-exchange-quidax-cuts-its-workforce-by-20-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nigerian-crypto-exchange-quidax-cuts-its-workforce-by-20-exchanges-bitcoin-news\/","title":{"rendered":"Nigerian Crypto Exchange Quidax Cuts Its Workforce by 20% \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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 \u2018not going anywhere, anytime soon.\u201d<\/strong><\/p>\n

\u2018No Relationship With FTX\u2019<\/h2>\n

The Nigerian cryptocurrency exchange, Quidax, reportedly claimed that the ensuing global economic downturn had forced it to let go 20% of the platform\u2019s \u201cexceptionally talented people.\u201d The exchange insisted the lay-offs were not linked to the FTX collapse-fueled turmoil in crypto markets and that Quidax itself had \u201cno relationship with FTX\u201d<\/p>\n

Before the global economic downturn, Quidax, which sponsored Nigeria\u2019s biggest reality television show Big Brother Naija, had better prospects. According to a report<\/a> by Nairametrics, the crypto exchange even \u201cmade several plans and growth projections.\u201d<\/p>\n

Severance Packages for Laid-off Workers<\/h2>\n

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:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

In addition to giving the affected employees their severance packages, Quidax said it will connect them to its \u201cnetwork of companies and founders within the fintech space.\u201d<\/p>\n

Meanwhile, the crypto exchange is quoted in the report stating that it is \u201cnot going anywhere, anytime soon.\u201d The exchange reassured its customers that their funds are not only safe but also insured.<\/p>\n

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What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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