Nigerian cryptocurrency and Web3 startup Lazerpay announced on April 13 that it will cease operations. Co-founder and CEO Njoku Emmanuel said the decision to cease operations was made after Lazerpay failed to successfully close a funding round. The CEO also said that he is ready to listen to offers from companies that want to acquire the intellectual property (IP) of the startup.
stablecoin payments
Lazerpay, a Nigerian cryptocurrency and Web3 startup, announced on April 13 that it will cease operations and has asked merchants to withdraw their funds before the end of the month. According to a statement shared by the startup’s co-founder and CEO Njoku Emmanuel on Twitter, Lazerpay’s failure to close a successful funding round proved to be the last straw.
Launched in 2021 with the goal of helping merchants convert their cryptocurrencies to fiat and vice versa, Lazerpay has reportedly helped more than 3,000 businesses accept stablecoin payments. Additionally, the startup claimed to have established a network of people who made their job “very rewarding.”
Statement by Njoku Emmanuel, CEO and co-founder of Lazerpay. pic.twitter.com/UvBGMlKAgn
— Lazerpay Finance (@lazerpay) April 13, 2023
However, despite these achievements, the chief executive said in the statement that Lazerpay’s inability to secure adequate funding meant it could not continue to operate. However, the statement says that the Lazerpay team stands ready to help members of its community who may have “questions or concerns.”
Lazerpay’s IP for sale
In the same statement, Emmanuel also said that he is ready to listen to offers from companies that want to acquire the Lazerpay domain.
“We welcome offers from companies that are interested in buying Lazerpay’s IP and want to continue building the future of crypto payments. We are more than happy to talk more about how our technology works, how we can help you configure to build or integrate with it,” said the CEO.
The Lazerpay boss ends the statement by expressing his optimism about the future of cryptocurrencies.
Meanwhile, a report at Techcabal has said that Lazerpay’s attempts to resize its business by laying off some employees in November 2022 proved that step wasn’t enough. The report also suggested that Lazerpay may have failed to raise funds as investors shy away from African crypto startups.
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