African fintech unicorn, Chipper Cash saw its valuation slashed from $2 billion to $1.25 billion before FTX’s bankruptcy, according to a report by Techcrunch citing documents shared by the Financial Times on Alameda’s venture capital portfolio.

This news came to light comes shortly after Chipper Cash laid off 12.5% of its workforce accounting for about 50 employees across multiple departments.

The company did not confirm the news when asked about the development however, the filings obtained validate details by sources familiar with the company’s financial situation, the report continued.

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