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

Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to ‘Close a Successful Funding Round’ – On April 13, Lazerpay, a Nigerian startup focused on crypto and Web3 technologies, revealed that it will be discontinuing its operations and has urged merchants to withdraw their funds before the end of the month. In a statement posted on Twitter by the startup’s CEO and co-founder Njoku Emmanuel, it was mentioned that the inability to secure a successful funding round was the final blow for Lazerpay.

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Reportedly, Lazerpay was founded in 2021 with the aim of aiding merchants in converting their cryptocurrency to fiat and vice versa. The startup is said to have facilitated over 3,000 businesses in accepting payments in stablecoins. Moreover, Lazerpay boasted of a community of individuals who contributed to its success and made its work fulfilling.

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Although Lazerpay accomplished these milestones, the CEO mentioned in the statement that the startup’s incapacity to obtain sufficient funding resulted in its inability to continue its operations. Nonetheless, the statement assured the community that Lazerpay’s team is available to assist any members who have inquiries or worries. In the same statement, Emmanuel declared that he is open to proposals from firms that might be interested in acquiring 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.

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According to a report on Techcabal, Lazerpay’s efforts to downsize its business by laying off some employees in November 2022 did not prove to be sufficient. The report also indicated that Lazerpay’s inability to secure funding may have been due to investors’ reluctance to invest in African cryptocurrency startups.

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