Nigerian crypto startup Quidax has laid off 20% or 20 of its just over 100-strong staff.
The startups confirmed that this layoff is unrelated to the bankrupt crypto exchange FTX and instead a response to unfavorable macroeconomic conditions.
The startup, which is the latest African company to cut staff count, in August slashed employees’ salaries by 30% and team leads’ by 50% for three months, but just after the arrangement’s expiration period, the company is letting go of 20 of its remaining employees.
CEO Buchi Okoro says the number one priority right now is to focus on team morale and keep business operations running as smoothly as possible.