Quidax, a cryptocurrency exchange in Nigeria reduces employment by 20%

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The Nigerian digital asset exchange platform Quidax recently announced it has laid off employees who made up 20% of its workforce as it struggles with the repercussions of what it called a worldwide economic slowdown.

According to reports, the global economic slump led the Nigerian cryptocurrency exchange Quidax to fire 20% of the platform’s “exceptionally gifted personnel.”

The exchange insisted that Quidax itself had “no relationship with FTX” and that the layoffs were unrelated to the turmoil in the cryptocurrency markets caused by the FTX collapse.

The crypto exchange reportedly stated that growth projections had to be revised downward due to the slowdown in China, the United States, and the Eurozone.

Quidax is quoted in the article as saying that it is “not going anywhere, anytime soon” in an attempt to justify its decision to fire employees.

Customers were reassured by the exchange that their money was not only safe but also insured.

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