Popular Nigerian Crypto Exchange Quidax: lays off 25% of its employees

By: Damian Okonkwo

The popular Nigerian crypto company known as Quidax has laid off 20 of its employees reducing its labor force by 25% down from the 100 active employees working with the company.

This recent development has led many investors to question the strength of the company fearing the company may be facing some difficult times and linked them to the FTX crisis.

However, speaking on this development, the management of the company disclosed that the decision to lay off some of its workers does not relate to the FTX crisis as the company is still stable to date.

They considered the current decision as necessary to withstand the current economic downturns that have affected the strength of different companies across the company.

And proceeded to assure all investors that their funds are safe as the company is insured and not moving away any time soon.

Notwithstanding, many still doubt the company's strength citing the fact that it had previously slashed the salary of its workers by 30% in August and was further reported to be one of the major sponsors of the recently concluded Big Brother Naija show organized within the country where the company spent so much money towards the success of this TV show.

Following this development, the company has promised to offer some severance packages to its laid-off staff including providing health insurance for them together with their families. They also pledged to assist the laid-off staff find new jobs within the Fintech industry.