Report: Africa-Focused Crypto Trading App Shut Down — Co-Founder Says Only Nigerian Users Affected

The Africa-focused crypto trading app Vibra has reportedly stopped moving successful Ghana, Kenya, and Nigeria. Reports that the app is not moving successful the 3 countries contradict the co-founder’s assertion that lone users from Nigeria are affected.

Resign oregon Get Fired

An Africa-focused crypto trading app, Vibra, has reportedly been stopped successful Ghana, Kenya and Nigeria. Vincent Li, the co-founder of African Blockchain Labs — the enactment down the app — insisted nevertheless that the measurement lone affected users successful Nigeria. He besides added that the suspension would beryllium temporary.

Nevertheless, an Oct. 18 Techcabal report quotes existent and erstwhile employees who person confirmed the app’s stoppage successful each African markets. The employees, who did not privation to beryllium identified, besides told the work that they had been asked to resign oregon beryllium fired. Another erstwhile worker suggested that Vibra has not been generating capable revenue.

“The institution whitethorn person besides closed due to the fact that they could not enactment retired however to get commensurate turnover from the idiosyncratic acquisition we were doing,” an unnamed erstwhile worker said.

Crypto Winter Impact

Meanwhile, the co-founder’s claims that lone Nigerian users volition beryllium affected are reportedly undercut by messages connected Vibra’s telegram transmission which suggest otherwise.

Like different ambitious African crypto startups that fell by the wayside successful 2023, the suspected demise of Vibra has been attributed to the alleged crypto winter. During this period, crypto and fintech startups that raised millions of dollars person either scaled backmost oregon person been forced to extremity operations.

However, arsenic the lawsuit of the Ghanaian startup known arsenic Dash has demonstrated, the demise of these startups is besides attributed to firm governance failures and acts of fraud by founders. In the lawsuit of Dash, not adjacent the much than $86 cardinal superior that was raised successful 5 years could prevention the startup.

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