Nigerian cryptocurrency startup Quidax has terminated the appointments of several employees across key departments, including sales, design, and operations, in what signals a fresh round of restructuring within the company. Multiple former staff members with direct knowledge of the development confirmed that the decision was communicated during a company wide meeting held on March 2, 2026, where management cited performance related reasons for the workforce reduction.
Sources disclosed that affected employees were subsequently contacted by the firm’s internal human resources unit and informed of the termination of their contracts, alongside directives to return company issued equipment. The company is said to have paid salaries for February and offered an additional one month severance package, even as concerns emerged among staff over the lack of clarity surrounding the criteria used in determining those affected.
Industry observers say the move reflects a strategic pivot by Quidax toward infrastructure driven and business to business offerings, particularly in the area of enterprise crypto payments. The restructuring follows earlier operational changes, including the discontinuation of its peer to peer trading feature and a recent partnership with Lisk aimed at supporting developers building blockchain based financial solutions.
The latest development places Quidax within a broader trend of cost cutting and realignment across the cryptocurrency sector, where firms are increasingly adjusting to market volatility and fluctuating trading volumes. Similar measures have been observed at startups such as Zap Africa, which recently reduced its workforce as part of a transition to a leaner, technology driven model. Analysts note that Quidax’s renewed emphasis on enterprise solutions may prove decisive in determining its resilience and long term positioning within Africa’s evolving digital asset ecosystem.