Quidax, a Nigerian cryptocurrency startup that lets users and developers buy, sell, and list digital tokens, has terminated the appointment of employees across multiple teams, including sales, design, and operations, as independently confirmed by several former staff with direct knowledge of the matter.
TechCabal reliably gathered that during a company-wide all-hands meeting on the morning of Monday, March 2, 2026, Quidax announced that it was reducing its headcount for performance-related reasons. One affected employee who said they were present at the meeting told TechCabal that they were contacted by the company’s People and Culture team, stating that their contract had been terminated and asking them to return work tools.
Quidax paid affected employees their February salary and provided one month of pay as severance, TechCabal reliably learnt. The company reportedly told its staff that the move was tied to performance, according to two affected employees.
Together, these developments point to 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.
The job cuts add to a period of visible changes at Quidax. In January, the crypto startup shut down its peer-to-peer (P2P) trading feature, which allowed users to trade directly with one another, and has since partnered with Lisk, a Swiss blockchain company, to support developers and provide infrastructure for building on-chain financial products.
Quidax did not respond to TechCabal’s email requests for comment on the job cuts, including questions about the number of employees affected and which teams were affected.
“There were no clear metrics [for the termination],” said one of the affected employees. “It was something about numbers from [an internal] performance tracking app; [Quidax said it was] letting go of the lowest performers. All of it is confusing. There was not a lot of information for us to go by beyond that; just a verbal notice in the morning, and that was it.”
Founded in 2017 by Buchi Okoro, Uzo Awili, and Morris Ebieroma, Quidax operates a cryptocurrency trading platform that allows users to buy, sell, and store digital assets. Several Quidax employees say the company has more than 100 staff.
Previous job cuts
This is not the first time Quidax has cut its workforce. In November 2022, the company reportedly laid off 20% of its staff—around 20 employees—citing unfavourable macroeconomic conditions and turbulence in the global crypto market.
At the time, the company said the layoffs were a proactive step to help it navigate a downturn in the industry, which had been shaken by falling crypto prices.
Quidax has raised about $3.6 million since launching in 2017, according to funding tracker Crunchbase, including a $3 million raise from the public sale of its QDX token in 2021.
Its latest job cuts come as other cryptocurrency startups, including Zap Africa, have also reduced headcount in recent months.
In Zap Africa’s case, it cut its workforce by 44% in February, eliminating roles across design, operations, marketing, and support teams as it pivoted toward a leaner, AI-driven operating model. Zap Africa said it restructured the company to align operating costs with revenue-generating activities as trading volumes across the crypto market slowed.
Crypto startups whose revenue depends heavily on trading activity often face hard trade‑offs during market downturns: cutting costs, automating operations, or restructuring teams to extend their runway.
Quidax’s latest workforce reduction signals a deeper effort to recalibrate around B2B partnerships. The durability of that strategy, in a still‑volatile crypto market, will determine the startup’s next chapter.
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