Headline : Inside the shutdown of Lazerpay, the Web3 startup that was high on hope but short on capital

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Emmanuel Njoku, Lazerpay's CEO.

A year and a half after its incorporation, Lazerpay ceased operations. Here’s the story of how the lauded startup was unable to secure funding and its eventual shutdown. Written by Ngozi Chukwu and Muktar Oladunmade.

Two months after sponsoring Blocathon, a hackathon for Web3 designers, crypto payment platform Lazerpay shared that it was shutting down its business. It was bittersweet, considering the fact that a blockchain hackathon is also where the company’s founder, Njoku Emmanuel, reportedly built his first smart contract. He would eventually get to the final stage of the hackathon, and he credits his success to a lot of Udemy courses and hours of coding practice during the pandemic. By 2020, the decentralisation bug had bitten Njoku and in 2021, he launched Lazerpay. 

In 2021, crypto was having a high-water moment in Africa. Every conversation was about decentralisation, the blockchain, and the big changes crypto would make. While crypto-optimism elsewhere was driven by a distrust of banks and the idea that the current monetary system is obsolete, the premise in Africa was simple. For Africans, crypto was a way to make and preserve wealth and a way to simplify payments. On a continent where international payments can be complex, it was a compelling promise. 

Read more from the original article on here at techcabal.com.

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