Lazerpay, a crypto payment gateway that started operations in 2021, has announced that it will cease operations due to difficulties in securing necessary funding.
In a press statement on Thursday, the founder of Lazerpay, Njoku Emmanuel, revealed that the team had been unable to close a successful fundraising round after months of efforts.
“It is with a heavy heart that we announce that Lazerpay will be shutting down,” Emmanuel wrote. “Despite our team’s tireless efforts to secure the necessary funding to keep Lazerpay going, we were unable to close a successful fundraising round. We 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.”
Emmanuel expressed his gratitude to Lazerpay’s community of merchants, partners, investors, and team members, saying that they were the reason behind the platform’s success.
“We have been truly inspired by the passion, dedication, and enthusiasm of our community. It is this incredible network of individuals that has made our experience so rewarding, and we are immensely grateful for the connections we have made and the impact our platform has in the crypto ecosystem,” he said.
He also assured the merchants that they would be able to withdraw their funds from the platform before the 30th of April 2023 using the Bank or Crypto payout option. He said that the team would be available to answer any questions or concerns that they might have.
Additionally, Emmanuel said that he was open to offers from companies interested in purchasing Lazerpay’s intellectual property. He said that he believed that Lazerpay’s technology had a lot of potential and value for the crypto industry. “We remain optimistic about the future of crypto adoption and proud of everything we were able to achieve with Lazerpay,” he said. “We are builders and will continue to do what we do best.”
The platform has been a pioneer in driving global crypto adoption and has helped over 3,000 businesses across the world to accept payments in stable-coins, which are cryptocurrencies pegged to fiat currencies.
The platform has also improved its core payments gateway and added off-ramp features to help merchants convert their crypto to fiat directly into their bank accounts in over 100 countries. This has made Lazerpay one of the most versatile and user-friendly crypto payment solutions in the market.