Nigerian cryptocurrency startup Quidax has made significant changes to its workforce, laying off employees across multiple teams, including sales, design, and operations. The company's decision to reduce its headcount is reportedly tied to performance-related reasons, according to several affected employees. This move signals a shift in Quidax's focus toward infrastructure and B2B products, including its push into enterprise crypto payments. The company has continued hiring for sales roles tied to these products, even as it reduces headcount.
Quidax's decision to cut jobs is not a new development, as the company had previously laid off 20% of its staff in November 2022, citing unfavorable macroeconomic conditions and turbulence in the global crypto market. The latest job cuts add to a period of visible changes at Quidax, which has also shut down its peer-to-peer trading feature and partnered with a Swiss blockchain company to support developers.
The affected employees have reportedly received their February salary and one month of pay as severance. However, the exact number of employees affected and which teams were impacted remain unclear, as Quidax did not respond to requests for comment.
Quidax operates a cryptocurrency trading platform that allows users to buy, sell, and store digital assets. Founded in 2017, the company has more than 100 staff, according to several employees.
Quidax's pivot toward B2B products and infrastructure is a significant development in the African tech space, where companies like Flutterwave and Paystack are already making strides in the fintech sector. This shift highlights the growing importance of enterprise solutions in the African market, and Quidax's decision to focus on this area could pay off in the long run. However, the company's decision to cut jobs without clear metrics or communication has left affected employees confused and concerned about the future.
