Vibra, the unique bitcoin trading software co-founded by Vincent Li, a founding partner of web3 accelerator Adaverse, has ceased operations in Nigeria.
Li argues that Vibra is only closing its Nigerian market and is not closing any other operations outside of the country, adding that the company is currently through a strategic pivot.
Vibra, which promised to empower both crypto enthusiasts and newcomers, offered a user-friendly platform for learning, testing, and trading among a community of specialists.
The software was developed by a group of energetic blockchain enthusiasts and investors from around the world to address the expanding demand for cryptocurrencies in emerging African markets, beginning with Nigeria. Its objective was to make crypto trading simple and secure by providing user-friendly tools and features.
The shutdown is a significant step forward for Vibra, the African Blockchain Lab’s first product. Despite earning $6 million in venture capital funding from investors such as Lateral Frontiers and Dragonfly Capital, the company has had difficulties in the highly competitive Nigerian industry.
According to sources, Vincent Li confirmed the stoppage but declined to provide specifics on the ongoing shift. An email released on Vibra’s official Telegram channel revealed the suspension of all crypto transactions, causing users to be concerned. While the company’s website identifies it as having a presence in Ghana and Kenya, sources say the app has stopped operating in all African regions.
Employees, including country manager Hailey Yang, have reportedly left the company, signaling a deeper restructure inside Vibra. The closure in Nigeria parallels a trend in the web3 startup sector, where companies are either closing or downsizing as a result of market constraints and client demands.
As the cryptocurrency landscape in Africa evolves, Vibra’s exit highlights concerns about the sustainability of crypto businesses in the region, as well as the necessity for comprehensive tactics to acquire client trust and negotiate the market’s intricacies.