The crypto industry appears to be in deep trouble due to the ongoing economic slowdown. Nigerian cryptocurrency exchange Quidax has cut 20 percent of its total workforce due to the global economic slowdown and its effects on the company. The company clearly stated that the people who were fired were “exceptionally talented individuals” from the company. According to a report by, Quidax has informed its clients that it is “not going anywhere any time soon.” He also clarified that the current cut in his workforce was not associated with the FTX failure in any way, as it was “unrelated to FTX.”

Quidax is reportedly known for sponsoring Nigeria’s biggest reality TV show Big Brother Naija before the start of the global economic downturn. He further added that the company had better prospects before.

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According to previous media reports, the crypto exchange “made various growth plans and projections” earlier. Quidax reportedly said that the economic slowdown in China, the United States and eurozone regions caused earlier growth projections to be revised downward.

Commenting on the layoffs, the company said: “Following the economic downturn around the world, we had to make some tough decisions at Quidax. We had to say goodbye to 20 percent of our exceptionally talented people. We deeply value our people and have not It was an easy decision to make.”

The company handed out severance packages to its employees and said Quidax will help all laid off employees connect with its “network of companies and founders within the fintech space.”

The current turmoil in the crypto industry has left everyone worried. Allaying the fears and concerns of its own clients, Quidax said that their funds are safe and insured.

This is not an isolated case of layoffs due to the global economic slowdown, as other tech giants have also laid off several thousand workers before. These include companies like Amazon, Meta, Twitter, and Microsoft.

Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not legal tender and is subject to market risk. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature before making any type of investment. Cryptocurrency market predictions are speculative and any investment made will be at the sole risk of readers.