Lazerpay, a Nigerian crypto and web3 startup, announced on April 13 that it is ceasing operations. Co-founder and CEO Njoku Emmanuel said Lazerpay made the decision to cease operations because it was unable to successfully complete its funding round. The CEO also said that the company is ready to listen to offers from companies wishing to acquire the startup’s intellectual property (IP).
Stable Coin Payments
Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it was shutting down operations and asked merchants to withdraw funds by the end of the month. According to a statement shared on Twitter by the startup’s co-founder and CEO Njoku Emmanuel, Lazerpay’s failure to successfully complete a funding round was the last straw.
Lazerpay, launched in 2021 with the goal of helping merchants convert crypto to fiat and vice versa, has reportedly helped over 3,000 businesses accept payments in stablecoin. Additionally, the startup claims to have established a network of individuals whose work makes it “very rewarding.”
Statement from Njoku Emmanuel, CEO and co-founder of Lazerpay. pic.twitter.com/UvBGMlKAgn.
– Lazerpay Finance (@lazerpay) . april 13, 2023
However, despite these achievements, the CEO said in a statement that Lazerpay was unable to secure sufficient funding to continue operations. However, the statement said that Lazerpay’s team is ready to assist community members with “questions or concerns.”
Lazerpay’s IP is for sale
Emmanuel also said in the same statement that they are ready to listen to offers from companies wishing to acquire Lazerpay’s domain.
“We welcome offers from companies that are interested in purchasing Lazerpay’s IP and want to continue building the future of crypto payments. We are more than happy to talk further about how our technology works and how we can help set you up for building and integrating,” said the CEO.
The Lazerpay boss ended his statement by expressing optimism about the future of crypto.
Meanwhile, Techcabal’sreportsaid that Lazerpay’s attempt to scale back operations by laying off some employees in November 2022 proved that such measures were not enough. The report also suggests that Lazerpay may have failed to raise funds because investors are shying away from African crypto startups.
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