Report: Chipper Cash Lays Off More Workers — Crypto Department Still Operational, Says CEO

The Nigerian fintech, Chipper Cash, recently said it has let go of more employees and that this step has been taken to help the firm contain its operating costs. Although no figure of the number of axed workers was given, one report estimated this to be around 100, or 12.5% of Chipper Cash’s entire workforce. Chipper Cash CEO Ham Serunjogi has dismissed reports that the fintech has shut down its crypto department.

The Deteriorating Macroeconomic Climate

The Nigerian fintech, Chipper Cash, recently confirmed it had laid off a second batch of employees as part of measures aimed at containing the company’s operating costs. Although no figure has been provided, one report estimated the cuts to be around 100 people, or 12.5% of Chipper Cash’s entire workforce.

According to a Techcrunch report, the fintech’s firm latest retrenchment exercise has impacted all areas, from human resources to the research and legal departments. Commenting on the fintech’s axing of talented employees less than three months after it laid off the first group, Chipper Cash CEO Ham Serunjogi detailed the circumstances that prompted the company to let go of some of its talent.

“The last two years were a period of rapid growth and scaling for us as a business and, to reflect this, our global headcount grew by around 250 people. However, given the macroeconomic climate, we are narrowing our current focus to core markets and products – concentrating our efforts where we know we can thrive,” Serunjogi reportedly said.

The CEO added that with the unfavorable circumstances that have now prevailed for more than one year, Chipper Cash can only operate effectively with a smaller team.

Meanwhile, the same report quotes Serunjogi denying reports that Chipper Cash has shut down its crypto department. According to the CEO, the fintech startup’s crypto trading platform is one of the largest in Africa and one of its “fastest growing products,” hence Chipper Cash will “continue to invest in the product.”

Register your email here to get a weekly update on African news sent to your inbox:

Comments

Post a Comment

Popular posts from this blog

Tax Strategy for XRP: Lawyer Urges Caution Before Dipping for Altcoins

Jeremy Hogan advises crypto holders to be cautious of crypto tax as they optimize for profit in the bull run. He pointed out the tax advantages of not liquidating XRP held for over a year. Per the lawyer, long-term capital gains incur a lower 15% tax rate than the higher 30% rate for short-term gains. Prominent legal expert Jeremy Hogan, Partner at ‘Hogan & Hogan’ has offered counsel to crypto holders, urging caution in the disposition of their XRP assets. In a recent post on X, Hogan shared guidance with crypto investors looking to maximize their tax efficiency amid the anticipated crypto bull market. The lawyer’s counsel targeted crypto enthusiasts based in the United States. He advised considering the tax obligation on their crypto investment from the angle of the duration of the token holdings. Hogan pointed out that maintaining a token for over a year could result in a more advantageous tax scenario. He noted that long-term capital gains, applicable ...
Read more

Bitbot gears up for presale amid uncertainty ahead of first BTC options expiry post ETF approval

BTC options expiry reveals short-term volatility post ETF approval. Bitbot’s presale on Jan 17 promises unprecedented excitement with self-custodial solutions. With a total supply of 1 billion tokens, Bitbot aims for a $1B market cap and top listings. As 2024 signals the potential start of a new bull run, the crypto market is buzzing with excitement. The recent Bitcoin ETF approval sparks short-term volatility, while Bitbot, a revolutionary Telegram trading bot, gears up for its token presale on January 17. In this article, we delve into the first anticipated Bitcoin options expiry post Bitcoin ETF approval and the upcoming Bitbot presale , exploring the potential for exhilarating opportunities in the evolving crypto landscape. First BTC Options expiry post Bitcoin ETF approval The approval of the Bitcoin Spot ETF on Wall Street has set the stage for unprecedented market movements. Despite the historical significance, Bitcoin’s price exhibit...
Read more

MicroStrategy’s Saylor Sells $216M of His Shares to Buy More Bitcoin

MicroStrategy’s executive chairman, Michael Saylor, is selling $216 million worth of company shares. Saylor plans to use the proceeds to expand his personal Bitcoin holdings. The sell-off began with 5,000 shares on January 2, with 5,000 shares scheduled to be sold every trading day for the next four months. MicroStrategy‘s executive chairman, Michael Saylor, has begun selling $216 million worth of his shares in the company. The decision reveals Saylor’s intention to utilize part of the proceeds to expand his personal Bitcoin holdings. Saylor, a prominent advocate for cryptocurrency adoption, unveiled this plan in a filing with the U.S. Securities and Exchange Commission (SEC). The regulatory filing reveals that Saylor is selling 315,000 MicroStrategy shares acquired via stock options. 310,000 of these were granted in 2014 and are set to expire in April of this year. Saylor has already begun the sell-off, initiating the process with the sa...
Read more