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Quidax lays off 20 employees after pay cuts

Quidax crypto exchange in Nigeria has let go at least 20 employees, approximately 25% of its workforce months after spending millions of naira to promote Nigerian reality TV program, Big Brother Naija.

The corporation originally reduced employee pay by 30% in August of this year, and the layoffs were the final nail.

Quidax maintained that their layoffs had no connection to the FTX debacle because it has “no relationship with FTX” at a time when the cryptocurrency sector is still dealing with the impact of the collapse of the second-largest crypto Exchange in the world, FTX.

However, the company attributed its problems to the global economic crisis.

The business released a statement announcing the layoff:

“We have some difficult news to share with our community today. 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 June 2021, the global economy was on track to stage a solid post-COVID recovery with at least a 5.6% growth. Things were looking up and we made several plans and growth projections as a company at the start of 2022. In 2022, the three largest economies – China, the USA, and the Euro area – saw reduced growth. This has affected the global economy, which slowed to 3.2% growth.”

Quidax stated that it is still in business and “not going anywhere, anytime soon,” while reassuring its customers that their assets are secure and covered by an insurance policy from its custody partner.

The corporation promised to continue supporting the dismissed employees by giving them a severance package and provide health insurance to affected workers and their families.

It also stated that affected employees will get payment for the notice period they would have been required to provide if they had chosen to resign.

Recall that Don Jazzy was announced by Quidax as its Ambassador in March of this year after signing a multimillion-naira contract.

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