Nigerian crypto payment startup shuts down, offers IP for sale

Nigerian cryptocurrency and Web3 company Lazerpay announced on April 13 that it will shut down its operations.

According to a statement issued on Twitter by Lazerpay founder and CEO Emmanuel Njoku, 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've fought hard to keep the lights on for as long as possible, but unfortunately, we're now at the point where we have to turn them off."

The shutdown comes just months after announcing the layoffs in November 2022. The company's layoffs were due to its inability to raise funds after a lead investor pulled out.

The startup has announced its renewed focus on ensuring a smooth transition for its users by resolving any outstanding issues. To this end, it has been recommended that merchants use bank or crypto payment options and withdraw their funds from the platform before April 30, 2023. Additionally, the startup is now inviting companies to make offers to purchase their property. intellectual.

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 more than 3,000 businesses, processing more than $1 million in transactions.

Related: Foreign Crypto Investment From Nigeria Is At An All-Time Low: Study

The African crypto space has has recently been hit by a wave of turmoil Just last week, Bitcoin (BTC) the peer-to-peer marketplace, Paxful, announced that it would cease to operate.

However, certain crypto payment startups on the mainland continue to thrive. For example, NairaEx is an active Bitcoin exchange in Nigeria that serves as a means for Nigerian traders to buy or sell the country's fiat currency, naira, for cryptocurrency.

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