December 06, (THEWILL) – The once thriving business of tech wonderkid, Emmanuel Njoku, may just be in jeopardy, as his crypto payment startup, Lazerpay, is currently experiencing an upheaval, due to the economic downturn.
First, one of its major investors, Yele Bademosi, the CEO of Nestcoin, another Nigerian cryptocurrency investment firm, dedicated to building and investing in crypto-focused products, pulled the rug from under their feet, according to our checks.
This is coming after it made a huge investment in Lazerpay in November 2021. Findings by THEWILL reveal that this latest development may not be unconnected to the collapse of FTX, another crypto-currency exchange Nestcoin was involved in and one of the largest in the world. The FXT collapse last month shook the crypto-currency community so much that it may take a long time before the community starts to experience a recovery.
As an aftermath of this, Lazerpay resolved to downsize and lay off quite a number of its staff. Before this resolution, the management staff of the company had been working without pay for several months, even as the salaries of the junior staff were cut. Njoku knows he has to do something fast to save Lazerpay from near collapse. Hopefully, this will just be a passing phase he will bounce back from.
Recall that a few months ago, THEWILL chronicled the rise of the 19-year-old and how he was disrupting the technological space with his company. The dropout from the Enugu State University of Technology, got into the business of coding, became an authority in it and rose to become one of the best blockchain engineers of his generation.
Editor’s note: This story has been updated for clarity