A cryptocurrency business named Quidax is said to have just let go of about 100 people or 20% of its workforce.
Another Nigerian IT firm has been struck by the tech layoff storm.
According to a TechCabal article, the business also reduced team leader compensation by 50% and employees’ salaries by 30% earlier this year, with the assumption that the reduction would only last three months.
As the startup spent millions of dollars on TV sponsorships and celebrity endorsement deals, Quidax appeared to be having a successful year. The website experienced a temporary outage due to the high volume of traffic.
However, given that the firm has said that the layoffs are a response to “unfavorable macroeconomic conditions,” it would appear that things are starting to slow down.
According to the company’s official statement, all laid-off workers would be given a severance payout and assistance with their transition.
They went on to say that making this choice was only a matter of being proactive and making sure that the business could “weather the storm and provide value for their clients.”
SOURCE; TECHPOINT AFRICA