Vibra, the innovative cryptocurrency trading app co-founded by Vincent Li, a founding partner of web3 accelerator Adaverse, has announced the cessation of its operations in Nigeria.
Li maintains that Vibra is only shutting its Nigerian market, not affecting other offices outside the country, and is currently undergoing a strategic pivot.
Vibra, which aimed to empower crypto enthusiasts and beginners alike, provided a user-friendly platform for learning, experimenting, and making trades within a community of experts.
Created by vibrant blockchain enthusiasts and investors worldwide, the app targeted the rising demand for cryptocurrencies in emerging African markets, starting with Nigeria. Its mission was to make crypto trading easy and safe through intuitive tools and features.
The shutdown marks a substantial development for Vibra, which was the first product of the African Blockchain Lab. Despite receiving venture capital funding of $6 million from investors like Lateral Frontiers and Dragonfly Capital, the company has faced challenges in the highly competitive Nigerian market.
Vincent Li confirmed the shutdown but refrained from providing specific details about the ongoing pivot, according to reports. An email shared on Vibra’s official Telegram channel indicated the discontinuation of all crypto transactions, raising concerns among users. While the company’s website lists its presence in Ghana and Kenya, sources suggest that the application has ceased operations in all African markets.
Reports also revealed that employees, including country manager Hailey Yang, have left the company, indicating a broader restructuring within Vibra. The closure in Nigeria reflects a trend observed in the web3 startup sector, with companies also facing closures and downsizing due to market challenges and customer expectations.
As the cryptocurrency terrain in Africa continues to unfold, Vibra’s exit raises questions about the sustainability of crypto ventures in the region and the need for robust strategies to win customer trust and navigate the complexities of the market.
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