The storm of tech layoffs has hit another Nigerian tech startup.

Crypto startup Quidax has reportedly just laid off 20% of its workforce, which is just over 100 employees.

Earlier in the year, the company also cut employee salaries by 30% and 50% for team leaders, with the understanding that the reduction would only last 3 months, according to a Techcabal report.

Quidax had apparently been enjoying a thriving year, as the startup spent millions of dollars on celebrity endorsement deals and TV endorsements, generating so much traffic that it briefly crashed the company’s website.

But it looks like things are starting to slow down, as the startup has stated that the layoffs are a response to “unfavorable macroeconomic conditions.”

In its official statement, the company has ensured that all laid off employees will be offered a severance package and support in their transition.

Furthermore, they stated that this decision is simply because they are proactive and ensure that the company can “weather the storm and deliver value to their customers.”

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