Nigerian Crypto Payment Firm Lazerpay Shuts Down

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Lazerpay, a cryptocurrency and Web3 firm based in Nigeria, announced its closure on April 13. Founder and CEO of Lazerpay, Emmanuel Njoku said in a message posted on Twitter that the startup’s closure was required since it was unable to get cash in a funding round.

Njoku stated in the statement that Lazerpay was “immensely grateful for the connection we have made and the impact our platform has made in the crypto ecosystem,” while adding;

“We fought hard to keep the lights on for as long as possible, but unfortunately, we are now at the point where we need to shut down.”

Lazerpay is Accepting Bids for its Assets

The fintech firm declared its renewed commitment to ensure a smooth transition for its consumers by fixing any unresolved problems. In order to do this, it has been advised that merchants take their cash from the Lazerpay site before April 30, 2023, using the bank or cryptocurrency payout options. The firm is also now soliciting businesses to submit bids for the company’s intellectual property.

The fact that Njoku invented Lazerpay as a youngster and co-formed the business with Abdulfatai Suleiman and Prosper Ubi in October 2021 to promote the acceptance of cryptocurrencies worldwide is significant. 

The firm assists companies in accepting stablecoin payments from clients all around the world. Njoku claims that Lazerpay has processed over $1 million in transactions while onboarding over 3,000 companies.

It’s interesting to note that several studies have shown that the continuing financial crisis in Nigeria and the country’s restricted access to financial services are what are driving Nigerians’ interest in digital currencies. 

Nigeria has been named as the country with the most interest in cryptocurrencies worldwide, according to a CoinGecko poll from August of last year, as TheCoinRise reported.

According to CoinGecko, the nation was examined with a variety of factors, including searches made on Google that include the phrases “buy crypto” or “invest in crypto.”

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