Lazerpay, a Web3 and cryptocurrency firm from Nigeria, announced its closure on April 13. Njoku Emmanuel, co-founder and CEO, claimed that Lazerpay's failure to successfully close a funding round was the reason for the decision to halt operations. The CEO also stated that he is open to hearing proposals from businesses that would be interested in purchasing the intellectual property (IP) of the startup.
Payments with Stablecoin
On April 13, the Web3 and cryptocurrency business Lazerpay in Nigeria stated it will shut down and requested that all merchants remove their monies by the end of the month. The startup's co-founder and CEO, Njoku Emmanuel, issued a statement on Twitter that claimed Lazerpay's failure to finish a successful investment round was the final straw.
Lazerpay, which was established in 2021 with the aim of assisting merchants in converting their cryptocurrency to fiat and vice versa, is said to have assisted over 3,000 businesses in accepting stablecoin payments. The business also asserted that it had built a network of people who made its work "so rewarding."
Despite these successes, Lazerpay's CEO said in the statement that business was unable to continue operations due to a lack of suitable funds. According to the statement, the Lazerpay team is prepared to assist members of the community who may have "questions or concerns."
IP of Lazerpay is for Sale
In the same statement, Emmanuel also stated that he is open to hearing proposals from businesses who would be interested in buying Lazerpay's domain.
"We welcome proposals from businesses interested in buying Lazerpay's intellectual property and who want to continue creating the future of cryptocurrency payments. The CEO stated, "We are more than pleased to chat further about how our technology functions and how we can assist you in setting up to construct or integrate with it.
The CEO of Lazerpay concludes his remarks by expressing hope for the development of cryptocurrencies.
Lazerpay's attempts to downsize the company by firing certain staff in November 2022, according to a Techcabal study, demonstrated that this was insufficient. According to the study, Lazerpay may not have been able to raise money because investors avoided African cryptocurrency firms.
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