Nigerian-based cryptocurrency startup, Quidax has laid off 20 percent of its staff.

Quidax, in a statement released on Thursday, said that this followed a series of unfavorable macroeconomic conditions.

To meet up with the challenge, Quidax slashed staff salaries in August for three months, as part of an effort to meet up with the challenges of the time.

“We’ve been privileged to work with people who light up any room with their personalities, brilliance, and hard work. If the tides turn, these are people we would be eager to rehire. We can boast that they are more than capable of doing a great job anywhere,” the statement said.

“This is a difficult time for Quidax and our internal organization. My utmost priority is to boost team morale and keep business operations running as smoothly as possible. I’m convinced Quidax will come out on the other side better and stronger,” the firm’s CEO, Buchi Okoro said.

The firm added that the move was a proactive step in protecting itself from the recent downturn of events in the crypto ecosystem.

“We’ve observed what’s happening with the global economy and we know that now is not the time to just chill and see how things go. Instead, it’s time to be proactive. Our priority is making sure that even if things get worse globally and in the crypto market, we can weather the storm and still provide value to our customers. As a result, we’ve had to scale down a couple of things, including our workforce,” it said.

Since commencing operation in 2017, Quidax has raised a total of $3.6 million in funding

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