Quidax Layoffs

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Nigerian cryptocurrency exchange Quidax laid off 20 employees in November 2022, representing 20% of its workforce of just over 100 people. The company cited unfavorable macroeconomic conditions and the need to proactively position itself for a potential market downturn as reasons for the reduction. This move followed earlier cost-cutting measures, including temporary salary reductions. Quidax, founded in 2017, operates in the fintech and cryptocurrency industry and stated the layoffs were unrelated to the contemporaneous FTX bankruptcy. Affected employees were offered a severance package and transition support.

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