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Customers of Patricia, a renowned Nigerian cryptocurrency exchange, have received an unexpected offer from its CEO, Fejiro Hanu. In response to concerns about accessing funds, Hanu confirmed the option for clients to transform their balances into shares in Patricia.
Hanu emphasized that this unique approach is central to Patricia's objectives to raise funds and streamline its debts. As Patricia gears up for its application's revival and upcoming fundraising venture, the platform is providing clients the chance to convert their outstanding balances into convertible notes. These notes come with an attractive discount and signify a stake in the company.
For ensuring a transparent and fair transaction, a third party, licensed by the Nigerian Securities and Exchange Commission (SEC), will oversee the shares.
Yet, this proposal hasn't been well-received by all. A video circulating on X (what used to be Twitter) depicts disgruntled Patricia users outside a building, believed to be linked to the company, clamoring for their funds. Contrary to the video's implications, Hanu clarified that Patricia operates entirely remotely. The structure shown in the video serves as a hub for crypto developers and enthusiasts, which Patricia launched in 2022.
Regarding the difficulties some customers have faced in withdrawing their funds, Hanu disclosed that Patricia's application is nearing its launch phase after extensive beta testing.
Before making it widely available, select customers received invitations to familiarize themselves with the app's features. Those involved in this pre-launch phase have started receiving their Patricia Token (PUTX) - a special token Patricia introduced for internal debt management.
Hanu also added that as Patricia recommences operations, plans are in place to methodically address outstanding balances in phases.
This fresh approach by Patricia arrives in the wake of a security compromise in May 2023. Although the company ensured that no customer assets were impacted, numerous users have grappled with fund accessibility since the preceding month.
