The Nigerian firm Lazerpay has shut down after failing to get the necessary funds for survival. Lazerpay developed a blockchain-powered system that allowed businesses to accept payments from anyone, anywhere in the world, using stablecoins.
Lazerpay, a company founded in 2021, has an API that enables developers to quickly incorporate cryptocurrency payments onto their sites. Additionally, it enables these companies to transfer money to more than 150 nations worldwide in both local currencies and US dollars.
Stablecoins, a class of cryptocurrencies that don’t have the same volatility as the more well-known ones like Bitcoin and Ethereum, are used to accomplish this.
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.
