Nigerian crypto payments startup Lazerpay shuts down

Nigerian startup Lazerpay, which built a blockchain-powered solution that enabled businesses to accept payments from anyone, anywhere in the world, using stablecoins, has closed down after failing to secure the necessary funding for survival.

Founded in 2021, Lazerpay developed an API that allows developers to integrate crypto payments into their platforms easily. It also allows these businesses to payout their funds in local currencies and US dollars to over 150 countries globally. 

It does this using stablecoins, a category of cryptocurrencies that lack the volatility of the more popular ones people know of, such as Bitcoin and Ethereum. 

The company announced layoffs in November 2022, but founder and CEO Emmanuel Njoku said it had now ceased operations after it was unable to secure the investment needed to continue.

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

“As we sunset Lazerpay, we remain committed to helping our users transition smoothly and to ensuring that any outstanding matters are resolved.” 

Merchants are advised to withdraw their funds from the platform before April 30, 2023, using the bank or crypto payout option. 

“We welcome offers from companies who are interested in purchasing Lazerpay IP, and who would like to continue building the future of crypto payments. We are more than happy to talk further about how technology works, and how we can help set you up to build or integrate with it,” Njoku said.

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