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Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to ‘Close a Successful Funding Round’ – Africa Bitcoin News

April 15, 2023
in Crypto Updates
Reading Time: 3 mins read
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The Nigerian crypto and Web3 startup Lazerpay introduced on April 13 that it’ll stop operations. Co-founder and CEO Njoku Emmanuel mentioned the choice to stop operations was made after Lazerpay didn’t efficiently shut a funding spherical. The CEO additionally mentioned he is able to take heed to gives from corporations which will wish to purchase the startup’s mental property (IP).

Stablecoin Funds

Lazerpay, a Nigerian crypto and Web3 startup, introduced on April 13 that it’ll stop operations and has requested retailers to withdraw their funds earlier than the tip of the month. Based on a press release shared by the startup’s co-founder and CEO Njoku Emmanuel on Twitter, Lazerpay’s failure to shut a profitable funding spherical proved to be the final straw.

Launched in 2021 with the target of serving to retailers convert their crypto to fiat and vice versa, Lazerpay is reported to have helped over 3,000 companies settle for funds in stablecoins. As well as, the startup claimed to have established a community of people that made its work “so rewarding.”

Assertion from Njoku Emmanuel, CEO and Co-Founder, Lazerpay. pic.twitter.com/UvBGMlKAgn

— Lazerpay Finance (@lazerpay) April 13, 2023

Nevertheless, regardless of these achievements, the CEO mentioned within the assertion that Lazerpay’s incapacity to safe sufficient funding meant it couldn’t proceed working. The assertion nonetheless mentioned the Lazerpay crew stands prepared to assist members of its neighborhood which will have “questions or considerations.”

Lazerpay’s IP up for Sale

In the identical assertion, Emmanuel additionally mentioned he is able to take heed to gives from corporations which will wish to purchase Lazerpay’s area.

“We welcome gives from corporations who’re desirous about buying Lazerpay’s IP and who want to proceed constructing the way forward for crypto funds. We’re very happy to speak additional about how our know-how works, how we may help you set as much as construct or combine with it,” the CEO mentioned.

The Lazerpay boss ends the assertion by expressing his optimism about the way forward for crypto.

In the meantime, a report in Techcabal has mentioned Lazerpay’s makes an attempt to resize its enterprise by shedding some staff in Nov. 2022 proved that such a step was not sufficient. The report additionally recommended that Lazerpay might have failed to boost funds due to traders shying away from African crypto startups.

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What are your ideas on this story? Tell us what you suppose within the feedback part under.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.



Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any harm or loss triggered or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.

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Tags: AfricaBitcoincloseCryptofailingFundingLazerpayNewsNigerianShutsStartupSuccessfulWeb3
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