Another cryptocurrency company is shutting down its operations. This time, the news of the suspension came from Nigeria-based Lazerpay. Lazerpay recently announced that the company has ceased operations. In addition, investors were advised to withdraw their holdings from the platform. Here are the details…
Nigeria-based cryptocurrency company shuts down
Nigerian crypto and Web3 company Lazerpay announced on April 13 that it was shutting down its operations. According to a Twitter statement by Lazerpay’s founder and CEO, Emmanuel Njoku, the decision to shut down the venture was made after the company failed to raise funds in a funding round. Njoku used the following statements in his statement:
We are extremely grateful for the connection we have established and the impact our platform has had on the crypto ecosystem. We struggled to keep the lights on for as long as possible, but unfortunately we are at the point where we have to turn them off.
This announcement of closure comes just months after the layoffs were announced at the company in November 2022. The firing process at the company was due to a failure to raise funds following the withdrawal of a principal investor. The startup announced that it is refocusing on providing a smooth transition for its users by solving outstanding issues. To this end, traders are advised to use bank or crypto payment options and withdraw their funds from the platform before April 30, 2023. In addition, the startup now invites companies to submit bids to purchase its intellectual property.
The crypto landscape in Nigeria: Some companies stand
Njoku founded Lazerpay when he was a teenager and co-founded the company in October 2021 with Abdulfatai Suleiman and Prosper Ubi to increase the use of crypto globally. The company was helping businesses globally accept stablecoin payments from customers. According to Njoku, Lazerpay has acquired more than 3,000 businesses and has processed over $1 million in transactions.
The African crypto space has been rocked by a wave of turmoil recently. cryptocoin.com As we reported, just last week, Bitcoin peer-to-peer marketplace Paxful announced that it will cease operations. However, some crypto payment startups across the continent are still thriving. For example, NairaEx is an active Bitcoin exchange in Nigeria, serving as a means for Nigerian traders to buy or sell the country’s fiat currency, the naira, for cryptocurrency.
As a result, the closure of Lazerpay highlights the challenges faced by startups in the crypto space, especially in developing countries like Nigeria. Despite efforts to drive global crypto adoption, Lazerpay was unable to secure sufficient funding, which led to its shutdown. The company’s founder and CEO, Emmanuel Njoku, expressed his gratitude for the platform’s impact on the crypto ecosystem and announced plans to ensure a smooth transition for users. While the African crypto space has been experiencing turmoil lately, some startups such as NairaEx continue to thrive. The fate of Lazerpay is a reminder of the volatility and unpredictability of the crypto market and the importance of strong financial support for startups in the industry.
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