Quidax lays off staff amid focus shift to B2B crypto products
Quidax, Nigeria's leading cryptocurrency platform, has terminated contracts for employees across sales, design, and operations teams as part of a performance-driven restructuring. The company announced the cuts during a February 2, 2026 all-hands meeting, citing internal performance metrics as the basis for terminations. Affected staff received their February salary and one month severance pay. This follows a 20% workforce reduction in November 2022 during crypto market volatility. The layoffs signal Quidax's strategic pivot toward enterprise crypto payments and infrastructure development, continuing hiring for B2B sales roles despite the cuts. The company has also shut down its peer-to-peer trading feature and partnered with Swiss blockchain firm Lisk for developer tools. Quidax did not provide specific numbers of affected employees or detailed performance criteria. This restructuring occurs amid broader crypto industry challenges, with competitors like Zap Africa also reducing headcount by 44% in February 2026. The changes suggest Quidax is prioritizing B2B revenue streams over consumer-focused services.