Nigerian crypto and Web3 startup Lazerpay has announced that it will be shutting down its operations after failing to raise funds in a funding round.
The startup, which launched in 2021, offered a platform for merchants and users to accept and make payments in cryptocurrencies and other Web3 assets.
Lazerpay was one of the first companies in Nigeria to offer a crypto payment solution that integrated with popular e-commerce platforms such as Shopify and WooCommerce.
The company claimed to have over 10,000 merchants and 100,000 users on its platform and supported over 50 cryptocurrencies and Web3 assets.
However, Lazerpay faced several challenges in its journey, such as regulatory uncertainty, technical issues, security breaches, and competition from other players in the crypto space.
The company also had to deal with the impact of the COVID-19 pandemic, which affected the global economy and consumer behavior.
According to Emmanuel Njoku, the founder, and CEO of Lazerpay, the decision to shut down the startup was necessary after the company could not secure funding from investors.
He said that a lead investor pulled out of a deal in November 2022, forcing the company to lay off some of its staff and reduce its operations.
Lazerpay is now focusing on ensuring a smooth transition for its users and merchants by resolving any outstanding issues. The company has advised its customers to withdraw their funds from the platform before April 30, 2023, using either bank or crypto payout options.
The company is also inviting interested parties to make offers to purchase its intellectual property, which includes its domain name, logo, website, app, and codebase.
Njoku expressed his gratitude for the support and feedback he received from the crypto community and his team. He said that he learned a lot from his experience with Lazerpay and that he hopes to continue working on projects that will advance the crypto ecosystem in Nigeria and Africa.
