What is happening at Quidax? CEO Buchi Okoro tweeted posted that its app has been delisted from Google Playstore and its Twitter ‘X’ account blocked as it celebrates its 5th anniversary.
It seems all is not well at the crypto startup as with many crypto startups in the last couple of months. Quidax let go of 20% of its just over 100-strong staff last November which it attributed to the prevailing global economic downturn.
While certain individuals linked the negative turn of events within the cryptocurrency company to its participation in sponsoring the seventh season of the Big Brother Naija show, as well as its decision to appoint Michael ‘Don Jazzy’ Collins, the founder and CEO of Mavin Records, as its brand ambassador, it’s worth noting that these actions also led to significant expenses being incurred.
African entrepreneurs Buchi Okoro (CEO), Morris Ebieroma (CIO), and Uzo Awili (CTO) established the cryptocurrency exchange Quidax in 2017 to facilitate the buying, selling, storing, and sending of digital currencies.
Since its launch, Quidax has raised a total funding of $3.6 million, with its last funding of $3 million coming from the public sale of its token, QDX. It has also processed $3.2 billion in transactions as of May 2021.
Last year, Quidax was celebrated as the first African crypto exchange to be listed on CoinMarketCap, the world’s most-referenced price-tracking website for crypto assets.
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