Quidax, a Nigerian crypto startup has revealed that it would lay off 20% of its employees. This is according to the statement released by the startup. According to Quidax, the layoff is a response to unfavorable macroeconomic conditions.
“We made some really hard decisions to position ourselves for the winter. My number one priority right now is to focus on team morale and keep business operations running as smoothly as possible. I am sure the tide will turn and we’ll be stronger and wise for it,” The CEO, Buchi Okoro said.
The startup is the latest African company to cut staff count, slashed employees’ salaries by 30%, and team leads’ by 50% for 3 months. After so many deliberations, the company has decided to let go of 20% of its employees.
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What’s In For The Quidax Employees Being Laid-Off
For the employees being laid off, the company has an interesting exit package for them. This is a show of appreciation for their support so far.
“We’ve been privileged to work with people who light up any room with their personalities, brilliance, and hard work. If the tides turn, these are people we would be eager to rehire. We can boast that they are more than capable of doing a great job anywhere,” Okoro said.
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Quidax Funding So Far
Quidax was founded by two Nigerian men, Buchi Okoro and Morris Ebieroma in 2017. Since its emergence, it has raised a total funding of $3.6 million, with its last funding of $3 million coming from the sale of its token, QDX.
Early this year, its spent millions of dollars on celebrity endorsement deals and TV sponsorships such as Big Brother Naija (BBN). The website traffic it got due to the sponsorship and deals recently crashed its website.
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What is the Way Forward?
Speaking on the way forward, the company said it is time to be proactive. It added that a workforce trim is the business’ proactive measure to shield itself. In its word, it said,
“Our priority is making sure that even if things get worse globally and in the crypto market, we can weather the storm and still provide value to our customers. As a result, we’ve had to scale down a couple of things, including our workforce”.
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