big brother naija, crypto exchange, economic downturn, fintech, quidax

As it reels from the effects of what it termed a global economic downturn, the Nigerian digital asset exchange platform, Quidax, recently said it had laid off employees who constituted 20% of its workforce. Despite the layoffs, Quidax reportedly told its customers it is ‘not going anywhere, anytime soon.”

‘No Relationship With FTX’

The Nigerian cryptocurrency exchange, Quidax, reportedly claimed that the ensuing global economic downturn had forced it to let go 20% of the platform’s “exceptionally talented people.” The exchange insisted the lay-offs were not linked to the FTX collapse-fueled turmoil in crypto markets and that Quidax itself had “no relationship with FTX”

Before the global economic downturn, Quidax, which sponsored Nigeria’s biggest reality television show Big Brother Naija, had better prospects. According to a report by Nairametrics, the crypto exchange even “made several plans and growth projections.”

Severance Packages for Laid-off Workers

However, the economic slowdown in China, the United States, and the Eurozone area meant growth projections had to be revised downwards, the crypto exchange reportedly said. Explaining its decision to lay off employees, Quidax reportedly said:

Following the economic downturn around the world, we have had to make some tough decisions at Quidax. We had to say goodbye to 20% of our exceptionally talented people. We deeply value our people and it has not been an easy decision to make.

In addition to giving the affected employees their severance packages, Quidax said it will connect them to its “network of companies and founders within the fintech space.”

Meanwhile, the crypto exchange is quoted in the report stating that it is “not going anywhere, anytime soon.” The exchange reassured its customers that their funds are not only safe but also insured.

Register your email here to get a weekly update on African news sent to your inbox:

TECH NEWS RELATED

Grab Vietnam partners ZaloPay to enhance cashless payment experience

Grab Company Ltd. (Grab Vietnam) and ZaloPay E-wallet have on Monday officially announced their collaboration to launch ZaloPay on the Grab app. Both parties said in a statement that payment via ZaloPay is now available for almost all Grab app services, including transport, food and grocery, and parcel delivery. ...

View more: Grab Vietnam partners ZaloPay to enhance cashless payment experience

Chintai and Passion Venture Capital ink deal in Singapore to bridge traditional finance with blockchain technology

Chintai, a Singapore-based blockchain platform-as-a-service (BPaaS) company, has signed a memorandum of understanding (MoU) with Singapore-based venture capital firm Passion Venture Capital (PVC) to forge closer collaboration between traditional finance and adoption of security tokens. The MoU will form the foundation of future partnerships as a part of the convergence ...

View more: Chintai and Passion Venture Capital ink deal in Singapore to bridge traditional finance with blockchain technology

Indonesia plans to start crypto exchange in 2023 - report

Indonesia plans to set up a crypto exchange in 2023 before it shifts regulatory powers over such assets to the Financial Services Authority (FSA), from a commodities agency, Bloomberg reported on Wednesday. According to the report, crypto assets in the country are currently traded alongside commodity contracts under the ...

View more: Indonesia plans to start crypto exchange in 2023 - report

Report: Central African Republic Postpones Sango Coin Listing

The Central African Republic’s plan to list the sango coin in the last quarter of 2022 has been put on hold, while the scheduled unlocking of 5% of token holders’ portfolios has similarly been postponed, a statement from the team promoting the token has reportedly said. The decision to ...

View more: Report: Central African Republic Postpones Sango Coin Listing

Gold-Based Digital Assets Issued in Russia

A blockchain platform built by Russia’s largest banking institution, Sber, has been used to issue digital assets based on gold. The value of the tokenized precious metal will depend on the prices of physical gold, the bank said, emphasizing that the operation is a first. Russia’s Sber Bank Mints ...

View more: Gold-Based Digital Assets Issued in Russia

Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market

Cryptocurrency exchange Kraken is shutting down services in Japan. The company explained that the current Japanese market conditions and a weak global crypto market do not justify the resources needed to further grow its business in Japan at this time. Kraken Exiting Japan Cryptocurrency exchange Kraken announced Wednesday that ...

View more: Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market

Microstrategy Buys More Bitcoin — Company's Crypto Holdings Grow to 132,500 BTC

Microstrategy is now holding approximately 132,500 bitcoin following its most recent purchases. This year, the world’s largest cryptocurrency has emerged as “the institutional-grade digital asset,” said Microstrategy founder Michael Saylor. Microstrategy Acquires More Bitcoin Nasdaq-listed Microstrategy Inc. announced Wednesday that it has purchased more bitcoin for its corporate treasury. ...

View more: Microstrategy Buys More Bitcoin — Company's Crypto Holdings Grow to 132,500 BTC

Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo's ASIC Fleet in Texas

After the publicly-listed bitcoin mining firm Argo Blockchain suspended trading on Nasdaq and the London Stock Exchange, the company said it would follow up the next day with an announcement. The following day, on Dec. 28, 2022, Argo detailed it is selling its Helios facility to Galaxy Digital for ...

View more: Bitcoin Miner Argo Blockchain Sells Helios Facility to Galaxy Digital for $65 Million, Galaxy to Host Argo's ASIC Fleet in Texas

FTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF 'Expected to Enter a Plea' in Fraud Case

Onchain Sleuths Discover Funds Linked to Alameda Swapped for ETH, USDT, BTC by a Mysterious Entity

FTX Customers File Class Action to Claim Assets Within Bankruptcy Case

The Stablecoin Economy Shed $28 Billion in 2022 After a Handful of Tokens Lost Their $1 Peg

Argentine Senate Mulls Crypto Advertisement Regulation

Japanese Gaming Company Gumi Partners With Square Enix and SBI Holdings to Strengthen Metaverse Pivot

Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country

Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse

Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices — Says Stock Market Crash Will Send Them Higher

Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists

OTHER TECH NEWS

Top Car News Car News