Nigerian crypto payment startup shuts down, offers IP for sale

Nigerian crypto and Web3 institution Lazerpay announced connected April 13 that it is shutting down its operations.

According to the connection released connected Twitter by the laminitis and CEO, Emmanuel Njoku, the determination to unopen down the startup was indispensable aft the institution was incapable to rise funds successful a backing round.

In the statement, Njoku said, "We are immensely grateful for the transportation we person made and the interaction our level has made successful the crypto ecosystem. We fought hard to support the lights connected for arsenic agelong arsenic possible, but unfortunately, we are present astatine the constituent wherever we request to unopen down”

The shutdown comes conscionable months aft announcing layoffs successful November 2022. The company’s layoffs were owed to its inability to rise funds aft a pb capitalist pulled out.

The startup has announced its renewed absorption connected ensuring a seamless modulation for its users by ensuring that immoderate outstanding issues are resolved. To this end, it has been recommended that merchants usage the slope oregon crypto payout options and retreat their funds from the level earlier April 30, 2023. Additionally, the startup is present inviting companies to marque offers to acquisition its intelligence property.

Njoku launched Lazerpay arsenic a teen and co-founded with Abdulfatai Suleiman and Prosper Ubi successful October 2021 to thrust crypto adoption globally. The institution helps businesses judge stablecoin payments from customers globally.

According to Njoku, Lazerpay has onboarded implicit 3000 businesses and has done implicit $1 cardinal successful transactions truthful far.

Related: Nigerian crypto overseas concern is astatine a grounds low: Study

The African crypto abstraction has recently been deed with a question of upheavals. Just past week, a Bitcoin peer-to-peer marketplace, Paxful, announced that it would cease operations.

However, definite crypto outgo startups successful the continent are inactive thriving. An illustration is Nairaex, which is an progressive Bitcoin speech successful Nigeria. It serves arsenic a mean for Nigerian traders to acquisition oregon merchantability the Naira currency for cryptocurrency with convenience.

Magazine: Bitcoin successful Senegal: Why is this African state utilizing BTC?