The Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it will cease operations, after failing to secure a successful funding round. The startup’s co-founder and CEO Njoku Emmanuel stated he is ready to listen to acquisition offers from companies that may be interested in Lazerpay’s intellectual property (IP).
Stablecoin Payments
Lazerpay, a Nigerian crypto and Web3 startup, announced on April 13 that it will cease operations and asked merchants to withdraw their funds before the end of the month. The statement released by the startup’s co-founder and CEO Njoku Emmanuel on Twitter declared that Lazerpay’s failure to close a successful funding round was the last straw.
Established in 2021, Lazerpay’s mission was to help merchants convert their crypto to fiat and vice versa. Reports indicate that the startup enabled over 3,000 businesses to accept payments in stablecoins. On top of this, the Lazerpay team was said to have formed a network of individuals that made its work “so rewarding.”
Statement from Njoku Emmanuel, CEO and Co-Founder, Lazerpay. pic.twitter.com/UvBGMlKAgn
— Lazerpay Finance (@lazerpay) April 13, 2023
However, despite these accomplishments, the CEO said in the statement that Lazerpay’s inability to secure adequate funding meant it could not continue operating. The statement also said that the Lazerpay team stands ready to help members of its community that may have “questions or concerns.”
Lazerpay’s IP Available
In the same statement, Emmanuel also said he is ready to listen to offers from companies that may want to acquire Lazerpay’s domain. The CEO said, “We welcome offers from companies who are interested in purchasing Lazerpay’s 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.” The Lazerpay boss ended the statement by expressing his optimism about the future of crypto.
A report in Techcabal has said that Lazerpay’s efforts to downsize its business by laying off some employees in Nov. 2022 did not prove to be enough. The report also suggested that Lazerpay may have failed to raise funds because of investors shying away from African crypto startups.
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