We have some difficult news to share with our community today. Following the economic downturn around the world, we have had to make some tough decisions at Quidax. We had to say goodbye to 20% of our exceptionally talented people. We deeply value our people and it has not been an easy decision to make.
How We Got Here
In June 2021, the global economy was on track to stage a solid post-COVID recovery with at least a 5.6% growth. Things were looking up and we made several plans and growth projections as a company at the start of 2022.
In 2022, the three largest economies – China, USA, and the Euro area – saw reduced growth. This has affected the global economy, which slowed to 3.2% growth.
This situation affected our projections. To weather the storm and still provide value to our customers, we have to become more capital-efficient.
However, here are a couple of things we would like to clarify:
- These layoffs are not related to the situation with FTX. We have no financial relationship with FTX.
- All customer funds are safe and insured through an insurance cover from our custody partner.
- We are not going anywhere, anytime soon.
People at Quidax
As a company, we are more than grateful for the time and dedication these employees have put in up to this point. It’s something we’ll never take for granted.
We will continue to provide support in form of:
- A severance package for each affected employee.
- Health insurance for affected employees and their families.
- Salary In-lieu of notice – Affected employees will be paid for the notice period they would have had to give if they had resigned.
- Career services – We will connect affected employees to our network of companies and founders within the fintech space.
We have been privileged to work with people who light up any room with their personalities, brilliance, and hard work. We can boast that they are more than capable of doing a great job anywhere.
These are the teams that have been affected and if you would like to hire some of these amazing people, please reach out to us at [email protected]
- Business operations
What’s Next for Quidax?
We’re still here and still building. Our vision is still to make sending money and value around the globe as easy as sending a text message and we’ll continue to work towards that.
This year, we’ve been able to achieve several milestones we set for the company, including the launch of:
- The new Quidax app
- Our USD savings product
- Quidax Academy
- New coin and network listings
- New deposit and withdrawal methods, and a lot more.
For so many people, cryptocurrency is a way to plug into the global financial system. It’s how they sustain their businesses, carry out borderless transactions, and store their money. To others, it is financial freedom.
Our goal in the coming months is to improve our current product. However, our core focus is to offer alternative cryptocurrency-powered financial solutions, in addition to enabling customers to buy and sell cryptocurrency. Our founding team is already working to transition the business smoothly into 2023, even with a leaner team.
Thank you for continuing to support us.