Lazerpay, a Nigerian crypto and Web3 company, recently announced that it will be shutting down its operations. According to a statement released by the company’s CEO, Emmanuel Njoku, the decision to shut down the startup was made after the company failed to raise funds in a funding round.
The shutdown comes just a few months after the company announced layoffs in November 2022 due to its inability to raise funds after a lead investor pulled out.
To ensure a seamless transition for its users, Lazerpay is advising merchants to use the bank or crypto payout options and withdraw their funds from the platform before April 30, 2023. Additionally, the startup is now inviting companies to make offers to purchase its intellectual property.
Lazerpay was co-founded by Njoku, Abdulfatai Suleiman, and Prosper Ubi in October 2021 to drive crypto adoption globally. The company helps businesses accept stablecoin payments from customers globally and has onboarded over 3,000 businesses, processing over $1 million in transactions.
The shutdown of Lazerpay is another example of the challenges that startups in the African crypto space are facing. However, some crypto payment startups in the continent, like NairaEx, are still thriving. NairaEx is an active Bitcoin exchange in Nigeria that serves as a medium for Nigerian traders to purchase or sell the country’s fiat currency, nairas, for cryptocurrency.
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