• Latest News

    Friday, April 14, 2023

    Nigerian Crypto Startup, Lazerpay Shuts Down

    Olufemi Adeyemi 

    Following its inability to raise additional funding, Nigerian crypto, Lazerpay, a web3 and crypto payment company, is shutting down.

    After announcing layoffs in November 2022, Nigerian crypto payments startup Lazerpay has shut down.

    According to Founder and CEO, Emmanuel Njoku, the decision to shut down the startup was necessary after the company was unable to raise funds.

    He announced in a tweet on Thursday, April 13, 2023, that, "we announce the difficult decision to cease operations at Lazerpay. Despite our team’s tireless efforts to secure the necessary funding to keep Lazerpay going, we were unable to close a successful fundraising round. We fought hard to keep the lights on as long as possible, but unfortunately, we are now at a point where we need to shut down.”

    Njoku launched Lazerpay as a teenager in 2021 to drive crypto adoption globally. The company helps businesses accept stablecoin payments from customers globally.

    Since its launch, the company claimed that it has enabled over 3000 businesses globally. Lazerpay has also enabled merchants across more than 100 countries to convert crypto into fiat currency and vice versa.    

    "All Lazerpay merchants should withdraw their funds from the platform on or before April 30 using the bank or crypto payout options. "We remain committed to helping our users transition smoothly and to ensuring that any outstanding matters are resolved," he added. Also, the company disclosed that its IP is available for sale", Njoku said.

    Offer to purchase the startup is now open to companies interested in purchasing its IP.

    • Blogger Comments
    • Facebook Comments


    Item Reviewed: Nigerian Crypto Startup, Lazerpay Shuts Down Rating: 5 Reviewed By: BrandIconImage
    Scroll to Top