FTX-backed Chipper Cash faces financial distress, staff layoffs
Following the failure of Sam Bankman-Fried’s cryptocurrency trading platform FTX, African cross-border payments startup Chipper Cash has laid off many of its staff.
The startup valued slightly above $2 billion had last year raised $150 million in a Series C round led by Mr Bankman-Fried’s FTX platform.
However, in a LinkedIn post, the company’s VP of Engineering, Erin Fusaro, confirmed the news, saying that while she was not hit by the layoffs, many of her close colleagues and friends were.
The number of employees that were laid off remains unknown as Chipper Cash is yet to make an official announcement regarding the development.
Peoples Gazette in November reported that Nigerian cryptocurrency exchange platforms BT Pesa Nigeria ltd and B Payment Services, both linked with renowned digital exchange platform FXT Group, were named among 134 FXT affiliate enterprises that have filed for voluntary bankruptcy.
The development followed the collapse of Mr Bankman-Fried’s FTX, which was valued at $32bn at its peak.
Last month, FTX declared bankruptcy after a failed purchase deal with rival exchange Binance resulted in billions of dollars in user withdrawals.
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