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 meet the eyes. They have said that it has no relation with the FTX but I doubt. Did the long bear run affect them? Did they spend too much on BBN sponsorship and other ambassadorial deals? What do you think?
It definitely had nothing to do with their sponsorship of BBN or any other ambassadorial deal they partook in, because in all of such deals i'm pretty sure they accrued quite a lot profit and gained popularity which is always good for business and the exact reason why companies run such deals.
It obviously has to do with the current world economic crisis, and it obviously isn't peculiar to Nigeria as they (Quidax) aren't the only ones laying off their staffs, many businesses around the world are doing the same thing to be able to be productive whilst still making profit in the process, i'm afraid this is a similar situation and there isn't anything else to this, when things get better economically they can hire more staffs again or stay the way they are if they discover themselves to be just as productive all the same.