Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to 'Close a Successful Funding Round'

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’s intellectual property (IP).

Stablecoin Payments

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’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 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 “so rewarding.”

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

— Lazerpay Finance (@lazerpay) April 13, 2023

However, despite these achievements, the CEO said in the statement that Lazerpay’s 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 “questions or concerns.”

Lazerpay’s IP up for Sale

In the same statement, Emmanuel also said he is ready to listen to offers from companies that may want to acquire Lazerpay’s domain.

“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 CEO said.

The Lazerpay boss ends the statement by expressing his optimism about the future of crypto.

Meanwhile, a report in Techcabal has said Lazerpay’s 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.

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Terence Zimwara

Terence 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.