Nestcoin-funded startup, Lazerpay, commences layoffs as lead investor pulls out

·
November 29, 2022
·
2 min read

The news:

  • Lazerpay will be downsizing its workforce to create some runway for the company’s operations
  • The company’s plan to raise funds was thwarted after a lead investor pulled out 
  • The company will share the names of outgoing employees to help them find new employers. 

Njoku Emmanuel, CEO and Founder of crypto payment startup, Lazerpay, has announced that the company will be laying off employees in a bid to extend its operating runway.

According to the statement he shared on Twitter,  the company had initially resorted to stopping the salaries of the management team and cutting the salaries of other employees.

However, the company will have to lay off employees due to the lack of funding. 

Lazerpay layoff
Emmanuel Njoku's official statement

Started in 2021 by 19-year-old Emmanuel, the company’s mission is to become the Stripe for crypto payments by helping businesses accept stablecoins from anywhere in the world. 

Emmanuel revealed that the company had helped 3,000 businesses accept stablecoin payments across the world. 

Interestingly, the company received investment from Nestcoin which recently disclosed that it would be laying off employees after its funds were caught in the bankrupt crypto exchange, FTX.

Emmanuel, however, added in his statement that Lazerpay’s layoff has nothing to do with the ongoing FTX debacle.


Got a tip? Our journalists are ready to dig deeper. Please share your insights and information and help us uncover the stories that matter.

He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier