Ayodeji Ayenuwa
In a major development, the cryptocurrency trading app Vibra has ceased its operations in Nigeria.
Vincent Li, a co-founder of the platform, confirmed the shutdown, stating, “Vibra is currently undergoing a transformation.” This strategic turn-around marks a crucial shift for the company.
Vibra, known for its user-friendly approach to crypto trading and learning, has been a platform that aimed to empower crypto enthusiasts and beginners.
Vincent Li emphasized that the shutdown is specific to the Nigerian market, with operations outside the country remaining unaffected.
Despite significant venture capital funding of $6 million from investors like Lateral Frontiers and Dragonfly Capital, Vibra encountered challenges in the fiercely competitive Nigerian crypto market.
An email shared on Vibra’s official Telegram channel confirmed the discontinuation of all crypto transactions, raising concerns among users.
Furthermore, sources have indicated that Vibra’s operations have halted in all African markets, and key personnel, including the country manager Hailey Yang, have left the company.
This trend in Nigeria mirrors a pattern in the web3 startup sector, where firms are facing closures and downsizing due to market challenges and evolving customer expectations.
The closure of Vibra’s operations in Nigeria has raised questions about the viability of crypto ventures in the African region.
As the cryptocurrency industry in Africa continues to evolve, it highlights the need for resilient strategies to build customer trust and navigate the intricate dynamics of the market.
Techrectory with Agency Report.
