Lazerpay, a crypto and web3 company closing down

[Charles-Tim]

The crypto and Web3 company located in Nigeria announced on Twitter that it is shutting down:

https://twitter.com/njokuScript/status/1646531643371585546?t=XMULGkOrX7GpvSpfa2r5Sg&s=19

If you have money on your Lazerpay account, withdraw it via crypto or bank before the deadline.

[Obari]

If you have money on your Lazerpay account, withdraw it via crypto or bank before the deadline.

I really don't know what is going on with these private exchanges and why they are all shutting down or switching platforms but I hope they review sooner than later rather than getting is in the dark or maybe there are things they know that we don't know.

Thanks for the information mate and I wish there is any means you can use to make this  announcement more physical and I think threads like this should be pinned until the final date that was given to avoid anyone who have some Bitcoin or any other cryptocurrency in the exchange.

[Mr.suevie]

If you have money on your Lazerpay account, withdraw it via crypto or bank before the deadline.

I really don't know what is going on with these private exchanges and why they are all shutting down or switching platforms but I hope they review sooner than later rather than getting is in the dark or maybe there are things they know that we don't know.

Thanks for the information mate and I wish there is any means you can use to make this  announcement more physical and I think threads like this should be pinned until the final date that was given to avoid anyone who have some Bitcoin or any other cryptocurrency in the exchange.

Yeah i agree on that note, i think the thread should be pinned as this is a really vital information for everyone here and this should also seve as lesson for those folks that actually save their coins on exchange platforms but at least this one was kind enough to give out a notice to its customer on their funds on the platform and even gave them a time for the withdrawal of their funds on like others that just actually fold up and live most of its customer frustrated and confused.

[Merit.s]

This is a good information by OP since the exchange is a sincere one for announcing to their users and merchants to withdraw their funds from their exchange within a given period of time. This are one of the reasons why we should leave our funds in an exchange but only the funds that you can avoid to lose. Exchanges nowadays are facing difficulties and crashing out of the cryto market. This is good news to those people who have funds in lazerpay to use this opportunity to withdraw their funds to avoid regrets later.

[Obari]

If you have money on your Lazerpay account, withdraw it via crypto or bank before the deadline.

I really don't know what is going on with these private exchanges and why they are all shutting down or switching platforms but I hope they review sooner than later rather than getting is in the dark or maybe there are things they know that we don't know.

Thanks for the information mate and I wish there is any means you can use to make this  announcement more physical and I think threads like this should be pinned until the final date that was given to avoid anyone who have some Bitcoin or any other cryptocurrency in the exchange.

Yeah i agree on that note, i think the thread should be pinned as this is a really vital information for everyone here and this should also seve as lesson for those folks that actually save their coins on exchange platforms but at least this one was kind enough to give out a notice to its customer on their funds on the platform and even gave them a time for the withdrawal of their funds on like others that just actually fold up and live most of its customer frustrated and confused.

I really would want to know the reasons to the sudden foldings of these private exchanges and I also felt the impact of the closure of paxful.com because they were one of my favorites exchanges because of its simplicity but the strict KYC should be one of the reasons they went out of business and there is a sister app of paxful which is noones by name and it's more of a copy and paste but more colourful than paxful itself.

[Charles-Tim]

I really don't know what is going on with these private exchanges and why they are all shutting down or switching platforms but I hope they review sooner than later rather than getting is in the dark or maybe there are things they know that we don't know.

I just want to make this clear, that Lazerpay is not an exchange

Is Lazerpay a crypto exchange platform?

No, we are not. We don't sell, buy, or trade crypto. We are a crypto payments gateway which means you can receive payments from your clients and withdraw them to your local currency.

You can also send out these stablecoins to your preferred payout wallet address.

I really would want to know the reasons to the sudden foldings of these private exchanges

You can read the reason from the Twitter link: https://twitter.com/njokuScript/status/1646531643371585546?t=XMULGkOrX7GpvSpfa2r5Sg&s=19

It is because of the the company is unable to successfully raise fund needed for the growth of the company. Or read the third paragraph below:

[sokani]

I really don't know what is going on with these private exchanges and why they are all shutting down or switching platforms but I hope they review sooner than later rather than getting is in the dark or maybe there are things they know that we don't know.

Lazerpay is not an exchange but a payment gateway. It came into limelight in 2021 and promises to make transactions between fiat to crypto seamless. According to their official statement by the CEO, the reason for their shotting down is the inability to raise funds to kickstart the project.

[Agbe]

This is the first time I am even hearing the name Lazerpay company. Thanks for the information, we will inform our crypto friends that if they have coins in that platform, they should move it out, before the time is over due. That is why I don't keep coins in any other place except my main wallets is non custodian wallets to avoid sudden breakdown of platforms and lost of coins.

[BIT-BENDER]

Thanks for this information because I have people that has some of their Funds on lazerpay , but I would want to know how an establishment or entity would want to shut down but won’t give out this information to users in their community.
This is one of the reason I try to avoid Crypto-currency institution that has not gotten good standard, this is not to say I won’t support rising companies but the risk are more.

[Wiwo]

This is the first time I am even hearing the name Lazerpay company. Thanks for the information, we will inform our crypto friends that if they have coins in that platform, they should move it out, before the time is over due. That is why I don't keep coins in any other place except my main wallets is non custodian wallets to avoid sudden breakdown of platforms and lost of coins.

Same as me also this is the first time i am hearing such a company name, btw hey this is cryptocurrency market so we have tons of companies offering one service or the other, Lazerpay may be one of that unpopular crypto service providers that have run out of an idea to keep the company going, but also we must know that some of those companies close for quite a few similar reasons.

Such as the lack of liquidity to continue their operations or a regular policy that has affected their company's existence, we all know how wide the Nigeria market is to start-ups so to survive in this market, a project will have to build and improve on several things that will put them ahead pf competirors.

[Cantsay]

I saw the news today while I was reading about CBN's stand on cryptocurrency and thought of creating a thread about it so that those who know about the fintech or those who use it can take action as soon as possible.

This is the first time I'm hearing about this fintech Lazerpay but according to what I read they said it started by cutting off its work forced and also rejected the offer of an existing investor, although the offer wasn't favourable to Lazerpay. And now they don't have enough funds to sustain the company. According to the article I read

[SatoPrincess]

Lazerpay nor be crypto exchange, them just dey accept crypto as means of payment for their services. Charles-Tim I watch the interview with Lazerpay founder about two years ago where him dey talk about how much them raise as funds to startup e talk say na over $200k, Wetin happen to the money in such a short time? Na mismanagement make the company dey close so abi wetin? All this tech companies way young people be founder no dey last, them never strong their mind to face challenges of entrepreneurship.

[Charles-Tim]

Wetin happen to the money in such a short time? Na mismanagement make the company dey close so abi wetin?

According to what I have read from some sources, it is written that the lead investor in the funding round had withdrawn due to market conditions and disagreements on terms.

Nigerian crypto payment startup, Lazerpay, shut down last week due to a lack of funds.

The shutdown follows Lazerpay’s failed attempt to raise a seed fund last year. The lead investor in the funding round had withdrawn due to market conditions and disagreements on terms.

Probably the investor contributed huge amount that is significant enough to make the payment gateway company collapse, and which is what that happened.

[Wiwo]

Lazerpay nor be crypto exchange, them just dey accept crypto as means of payment for their services. Charles-Tim I watch the interview with Lazerpay founder about two years ago where him dey talk about how much them raise as funds to startup e talk say na over $200k, Wetin happen to the money in such a short time? Na mismanagement make the company dey close so abi wetin? All this tech companies way young people be founder no dey last, them never strong their mind to face challenges of entrepreneurship.

I think waiten really be the problem with young startups in Africa and Nigeria in particular na the inability to face market challenges and the lack of prior actions to make their fit fem on the business ground before wanting to live their dream life, some of them a leave lavish lifestyle instead of continually working to improve their platforms to meet current and future demands.

For Lazerpay to have started with an initial capital of $200,000 here in Nigeria and the company already folded up after 2 year shows how unprepared and mismanaged the core team have been during this period of their operation in the Nigeria e-commerce sector, for the fact that the company accept cryptocurrency for their services should have been the primary reason why the company should have been more successful even if they're not operating a cryptocurrency exchange.

The CEO have a lot of explanation to do and if the proper audit of the company account is done there could be some possible indictment against the company by investors.

[MeCsc]

My advice be  say way person nor dey trust all this naija crypto company becos this thing nor easy for them bcos of CBN.

[Cantsay]

My advice be  say way person nor dey trust all this Naija crypto company becos this thing nor easy for them bcos of CBN.

Dem really talk say "nah who know man dey kill man".

See for this industry if everybody get this kind mindset then how you think say naija go take grow for this crypto space? Abi you expect those foreigners to use watin we naija nor gree use ourself?
Yes, yes,  I know say our yahoo-yahoo boys don dey make us doubt everything when dey for naija but if we not believe in our self how we go expect others to believe in us? So if you see better industry for naija when dey sure say he really legit make we dey try support by using it, majorly we naija nah users we be for the crypto space and if the togetherness really dey we go move from users to creators one day.

[Davidvictorson]

I read the press release I and I could feel the pain in Njoku's words. It hard to build in Nigerian in a place where the government is hostile to crypto development. They Lazerpay tried, they did their best but for any company to move on, the stark reality is that you need funding. Without funding your lofty ideas won't fly. It's been less than two years since they commenced operations. Young CEOs need a lot of "learnings" to do. Well, another crypto company gone but the dream still remains alive - drive crypto adoption in Africa.

[Techguysally]

Boss i the salama for you ohh..seeing this your message just safe one of my guy as I just see am na em i hala my guy say I just see update wei a brother drop about lazerpay closing down and make him run go cumot him funds from there before is too late, boss really appreciate for this my guy also say make I pass him appreciation give you.