Nigerian crypto and Web3 firm Lazerpay introduced on April 13 that it’s shutting down its operations.
Based on a press release launched on Twitter by Lazerpay founder and CEO Emmanuel Njoku, the choice to close down the startup was vital after the corporate couldn’t increase funds in a funding spherical.
Within the assertion, Njoku stated, “We’re immensely grateful for the connection we have now made and the impression our platform has made within the crypto ecosystem. We fought onerous to maintain the lights on for so long as doable, however sadly, we are actually on the level the place we have to shut down.”
The shutdown comes simply months after saying layoffs in November 2022. The corporate’s layoffs had been because of its incapacity to boost funds after a lead investor pulled out.
The startup has introduced its renewed give attention to guaranteeing a seamless transition for its customers by resolving any excellent points. To this finish, it has been advisable that retailers use the financial institution or crypto payout choices and withdraw their funds from the platform earlier than April 30, 2023. Moreover, the startup is now inviting corporations to make provides to buy its mental property.
Njoku launched Lazerpay as a teen and co-founded the corporate with Abdulfatai Suleiman and Prosper Ubi in October 2021 to drive crypto adoption globally. The corporate helps companies settle for stablecoin funds from prospects globally.
Based on Njoku, Lazerpay has onboarded over 3,000 companies, processing over $1 million in transactions.
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The African crypto area has not too long ago been hit with a wave of upheaval. Simply final week, Bitcoin (BTC) peer-to-peer market, Paxful, introduced that it could stop operations.
Nonetheless, sure crypto cost startups within the continent are nonetheless thriving. For instance, NairaEx is an lively Bitcoin trade in Nigeria serving as a medium for Nigerian merchants to buy or promote the nation’s fiat foreign money, nairas, for cryptocurrency.
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