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LazerPay winds down its operation

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LazerPay, a Blockchain payment infrastructure, announced shutting its operation as they were unable to close a successful fundraising round and can no longer continue offering services. According to LazerPay, the team has engaged tirelessly to secure fundraising.

The fundraising round commenced early last year, and came to a stop when its proposed lead investor pulled out abruptly due to market conditions and agreement on terms,” the firm said. This however impacted LazerPay’s ability to successfully conclude the fundraising. LazerPay added that the downsize and lay cut that followed were unrelated to the FTX saga.

According to the LazerPay CEO and Co-founder, Njoku Emmanuel, LazerPay “fought hard to keep the lights on as long as possible but unfortunately, we are now at a point where we need to shut down.”

Funds on the platform are open to being withdrawn and will continue until 30th April 2023. Merchants are to use the bank or crypto payout option to access their funds.

Following the sunset, LazerPay has put up its IP for purchase, saying the offer is open for companies who will like to continue building the future of crypto payments. “We are more than happy to talk further about how our technology works, and we can help set you up to build or integrate with it,” LazerPay said.

Milestones achieved by LazerPay from the Time of launch in 2021 include enabling about 3000 businesses to accept stablecoin, enabling merchants in over 100 countries to convert their crypto to fiat directly into their bank accounts, and as well introducing their on-ramp/off-ramp product.

The LazerPay team affirmed they will be available to help users resolve any issue, answer questions, and as well transition smoothly.

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