Nigerian Crypto Startup Lazerpay to Shut Down Operations
Lazerpay, a Nigerian start-up that was established in October 2021 by Emmanuel Njoku, Abdulfatai Suleiman, and Prosper Ubi, has decided to discontinue operations since it is unable to get sufficient finance. Njoku announced the news on April 13 through a message that he posted on Twitter. In the statement, he expressed his thanks for the relationships that were created and the influence that Lazerpay had on the cryptocurrency ecosystem. He went on to highlight that the new company had worked very hard to keep the lights on, but unfortunately, they had reached a point where they needed to close its doors.
This announcement comes only a few short months after Lazerpay announced layoffs in November 2022. Those layoffs were also ascribed to the startup's failure to secure money after the withdrawal of a main investor. According to Njoku, despite the obstacle, Lazerpay has already onboarded more than 3,000 firms and handled more than one million dollars in transactions.
Lazerpay has urged that merchants take their cash from the platform before the deadline of April 30, 2023, utilizing the bank or cryptocurrency payment options. This will enable a smooth transition for Lazerpay's customers. The company has declared that it will refocus its efforts on fixing any unresolved concerns. In addition, the company is in the process of soliciting proposals from other businesses interested in purchasing its intellectual property.
Lazerpay was developed to encourage widespread use of cryptocurrencies and to assist companies in accepting stablecoin payments from clients located all over the globe. The failure of the venture to get sufficient finance ultimately resulted in the company's demise, which represents a big loss for the African cryptocurrency market.
The closure of Lazerpay is the most recent event in a string of disruptions that have occurred in the African cryptocurrency market. Paxful, a peer-to-peer marketplace for Bitcoin transactions, also announced last week that it would be closing its doors. Notwithstanding this, a few crypto payment firms on the continent, such as NairaEx, which is a functioning Bitcoin exchange in Nigeria, are nevertheless doing rather well.
Despite the fact that Lazerpay has shut down, Njoku and the other co-founders of the company continue to have a positive outlook on the future of cryptocurrencies in Nigeria and Africa. They have expressed their conviction that the African continent has a significant amount of untapped potential for innovation and development in the cryptocurrency industry.