Patricia, a Nigerian cryptocurrency exchange, recently issued Patricia Tokens (PTK) to its customers, and the company's CEO, Fejiro Hanu, confirmed that customers now have the option to convert the owed funds into Patricia shares. This move is a key component of the company's strategy to raise capital and restructure debt. Patricia plans to relaunch its app and prepare for fundraising, allowing users to convert their debt tokens into convertible notes at a discount offered by Patricia.
To ensure transparency, the shares will be managed by a trusted third party licensed by the Nigeria Securities and Exchange Commission (SEC). However, this decision has sparked mixed reactions from users. A video circulating on social media showed angry customers demanding their money at Patricia's physical location. Hanu clarified that the video was misleading as Patricia operates as a fully remote company. The office seen in the video was an innovation center established in 2022 to provide free workspace for developers and crypto enthusiasts, but Patricia's operations are not based there.
Regarding the concerns of users who are unable to withdraw their funds, Hanu explained that Patricia is set to relaunch its app, which is currently in beta testing. Customers have been invited to experience the app before its public release. Some customers who participated in the testing process have been exchanging their Patricia Tokens (PUTX), the exchange's internal debt management token. Patricia has also informed users that they plan to redeem balances in batches once the company reopens.
This development follows a security breach disclosed by Patricia in May 2023, resulting in fund losses. While Patricia has maintained that customer funds were not affected, users have faced difficulties accessing their funds since April, leading to ongoing concerns and inquiries.
