Lazerpay, a Nigerian cryptocurrency and Web3 company, announced the closure of its operations on April 13.
According to a statement published in Twitter by the founder and CEO of LazerpayEmmanuel Njoku, L.The decision to shut down the startup was necessitated after the company failed to raise funds in a funding round.
In the statement, Njoku said: “We are immensely grateful for the connection we have made and the impact our platform has had on the crypto ecosystem. We have fought hard to keep going for as long as possible, but unfortunately we are now at the point where we have to shut down. “.
The shutdown comes just months after announcing layoffs in November 2022. The company’s layoffs were due to its inability to raise funds following the departure of a lead investor.
The startup has announced its renewed interest in ensuring a smooth transition for its users by resolving any outstanding issues. To this end, traders have been recommended to use bank or crypto payment options and withdraw their funds from the platform before April 30. In addition, the startup is now inviting companies to make offers to buy its intellectual property.
Njoku launched Lazerpay as a teenager and co-founded the company with Abdulfatai Suleiman and Prosper Ubi in October 2021 to drive cryptocurrency adoption globally. The company helps businesses accept stablecoin payments from customers around the world.
According to Njoku, Lazerpay has onboarded over 3,000 businesses, processing over a million dollars in transactions.
The African crypto space has recently been rocked by a wave of turmoil. Last week, the Bitcoin market (BTC), Paxful, announced the cessation of its operations.
However, some cryptocurrency payment startups continue to thrive on the continent. For example, NairaEx is a Bitcoin exchange active in Nigeria that serves as a means for Nigerian traders to buy or sell the country’s fiat currency, the naira, for cryptocurrency.
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