Nigerian crypto exchange Quidax lays off 25% of its staffSo I am reading that
Quidax, a Nigerian Crypto exchange has laid off 25% of its staff. They blamed it on the economic downturn. I cannot say if it the economic downturn of Nigeria or the global economic downturn. But something at the back of my mind is telling me that there is more to this than meets the eyes. They have said that it has no relation with the FTX but I doubt it. Did the long bear run affect them? Did they spend too much on BBN sponsorship and other ambassadorial deals? What do you think?
I received that email from quidax, about the laying off of staffs in some department of the company and mostly affected are the marketing department which looks to me not to be a too big a deal if quidax continue to offer their services and rates to customers which are the most important at this point. If not for the job loss on the side of the staff that was laid off, I am ok with the decision to cut the operational cost of the company to raise revenue that will put the company in a better position to meet up current market demands and challenges. I don't know if this laying off of staff is related to the FTX scam and if quidax funds have also been held down on FTX but Quidax stated clearly that, this does not have anything to do with the FTX sega. So we are good to go and I wish those that lost their job a better position in their next job.