Gadgets Africa
  • News
    Senegal blocks internet access amid clashes

    Senegal blocks internet access amid clashes

    Sony CEO warns against 'tricky' cloud gaming

    Sony CEO warns against ‘tricky’ cloud gaming

    AI can wipe out human race - US prof

    AI can wipe out human race – US prof

    Canada warns of increase in cyber attacks

    Canada warns of increase in cyber attacks

    Amazon, Verizon, others to provide free phone services

    Amazon, Verizon, others to provide free phone services

    Digital currency not a 'compelling priority,' says Kenyan Central Bank

    Digital currency not a ‘compelling priority,’ says Kenyan Central Bank

    Japan warns ChatGPT maker OpenAI over data collection

    Japan warns ChatGPT maker OpenAI over data collection

    Twitter's top executive Ella Irwin resigns

    Twitter’s top executive Ella Irwin resigns

    Starlink wins pentagon contract for satellite services to Ukraine

    Starlink wins pentagon contract for satellite services to Ukraine

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

Quidax lays off 20 employees after pay cuts

by Joy Onuorah
November 25, 2022
in Cryptocurrency
Reading Time: 2 mins read
Quidax lays off 20 employees after pay cuts
Share on FacebookShare on TwitterShare on Telegram

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.

Tags: Cryptocurrency
ADVERTISEMENT

Related Posts

Bitcoin soars above $30k mark amid investors optimism
Cryptocurrency

Bitcoin soars above $30k mark amid investors optimism

by Joy Onuorah
April 11, 2023
US judge rules on FTX founder's bail conditions Friday
Cryptocurrency

US judge rules on FTX founder’s bail conditions Friday

by Joy Onuorah
March 10, 2023
Crypto shares slump after Silvergate crash
Cryptocurrency

Crypto shares slump after Silvergate crash

by Joy Onuorah
March 9, 2023
Crypto shares slump after Silvergate crash
Cryptocurrency

Illicit crypto transactions hit $20b in 2022

by Joy Onuorah
January 22, 2023
Next Post
WhatsApp launches ‘Communities’ feature for larger chat group

Users to forward media with captions on WhatsApp

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

WhatsApp update allows automatic Facebook status sharing

WhatsApp unveils payment option for Brazilian users

April 13, 2023
FibreOne Broadband grows customer base by 300%

FibreOne Broadband grows customer base by 300%

May 10, 2022

Trending.

Experts voice concern over Nigeria’s tech industry

Nigerian tech firms demand transaction security

December 23, 2022
Musk, Twitter legal battle still on - Judge

Security flaw: Elon Musk summon Twitter’s ex-security chief

August 30, 2022
54gene appoints new CEO, others

54gene appoints new CEO, others

March 15, 2023
Experts voice concern over Nigeria’s tech industry

Experts voice concern over Nigeria’s tech industry

July 15, 2022
Samsung launches satellite-based smartphone

Samsung launches satellite-based smartphone

February 23, 2023
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version