Nigerian crypto fintech Quidax has introduced the layoff of 20% of its workforce, citing the worldwide financial downturn in an organization assertion launched on November 24.
“We’ve got needed to make some powerful selections at Quidax, we needed to say goodbye to twenty% of our exceptionally proficient folks. We deeply worth our folks and it has not been a straightforward choice to make,” the assertion learn.
The layoffs will have an effect on roughly 20 workers of its roughly 100 folks workforce in groups together with engineering, advertising and marketing, product, and enterprise operations. The startup confirmed severance packages for these affected.
This comes after the crypto startup in August slashed workers’ salaries by 30% and workforce leads’ by 50% for 3 months, however simply after the association’s expiration interval, the corporate is letting go of 20 of its remaining workers.
The company has nevertheless confirmed that the layoffs weren’t associated to the state of affairs with the crypto trade, FTX, because it has no monetary relationship with the corporate. It additionally assured its clients that every one buyer funds are protected and insured by way of an insurance coverage cowl from a custody accomplice.
Launched in 2017 by Nigerian duo, Buchi Okoro and Morris Ebieroma, the startup has raised a complete of $3.6 million in funding in keeping with Crunchbase information. This 12 months, the corporate went huge on advertising and marketing offers, spending tens of millions of {dollars} on movie star endorsement and was a sponsor of the fact TV present “Huge Brother Naija”, with helped generate a number of visitors on its platform.
