{"id":19881,"date":"2023-04-15T04:33:59","date_gmt":"2023-04-15T04:33:59","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nigerian-crypto-and-web3-startup-lazerpay-shuts-down-after-failing-to-close-a-successful-funding-round-africa-bitcoin-news\/"},"modified":"2023-04-15T04:33:59","modified_gmt":"2023-04-15T04:33:59","slug":"nigerian-crypto-and-web3-startup-lazerpay-shuts-down-after-failing-to-close-a-successful-funding-round-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nigerian-crypto-and-web3-startup-lazerpay-shuts-down-after-failing-to-close-a-successful-funding-round-africa-bitcoin-news\/","title":{"rendered":"Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to ‘Close a Successful Funding Round’ \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Nigerian crypto 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 he is ready to listen to offers from companies that may want to acquire the startup\u2019s intellectual property (IP). <\/strong><\/p>\n

Stablecoin Payments<\/h2>\n

Lazerpay, a Nigerian crypto 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\u2019s co-founder and CEO Njoku Emmanuel on Twitter, Lazerpay\u2019s failure to close a successful funding round proved to be the last straw.<\/p>\n

Launched in 2021 with the objective of helping merchants convert their crypto to fiat and vice versa, Lazerpay is reported to have helped over 3,000 businesses accept payments in stablecoins. In addition, the startup claimed to have established a network of individuals that made its work \u201cso rewarding.\u201d<\/p>\n

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Statement from Njoku Emmanuel, CEO and Co-Founder, Lazerpay. pic.twitter.com\/UvBGMlKAgn<\/a><\/p>\n

\u2014 Lazerpay Finance (@lazerpay) April 13, 2023<\/a><\/p>\n<\/blockquote>\n

However, despite these achievements, the CEO said in the statement that Lazerpay\u2019s inability to secure adequate funding meant it could not continue operating. The statement however said the Lazerpay team stands ready to help members of its community that may have \u201cquestions or concerns.\u201d<\/p>\n

Lazerpay\u2019s IP up for Sale<\/h2>\n

In the same statement, Emmanuel also said he is ready to listen to offers from companies that may want to acquire Lazerpay\u2019s domain.<\/p>\n

\u201cWe welcome offers from companies who are interested in purchasing Lazerpay\u2019s IP and who would like to continue building the future of crypto payments. We are more than happy to talk further about how our technology works, how we can help you set up to build or integrate with it,\u201d the CEO said.<\/p>\n

The Lazerpay boss ends the statement by expressing his optimism about the future of crypto.<\/p>\n

Meanwhile, a report<\/a> in Techcabal has said Lazerpay\u2019s attempts to resize its business by laying off some employees in Nov. 2022 proved that such a step was not enough. The report also suggested that Lazerpay may have failed to raise funds because of investors shying away from African crypto startups.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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