Nigerian Crypto Exchange Patricia Implements Debt Restructuring Using Convertible Notes

Patricia, a Nigerian cryptocurrency exchange, has announced a debt restructuring plan that involves converting owed funds into shares of the company. This initiative comes after the introduction of Patricia Tokens (PTK), which can now be used by customers for this purpose. The CEO of the exchange, Fejiro Hanu, has stated that this strategy is crucial for fundraising and debt reorganization.

Conversion Process and Discounted Shares

Users who have outstanding debts with Patricia will have the option to convert their debt tokens into company shares at a discounted rate. These shares will be managed and held by a third-party provider that is licensed by the Nigerian Securities and Exchange Commission (SEC). This process aims to provide an opportunity for customers to address their debts while also contributing to the growth of the exchange.

Concerns and Customer Dissatisfaction

While Patricia is actively working towards relaunching its app and implementing fundraising efforts, some customers have expressed dissatisfaction with the debt restructuring plan. Videos posted on social media show frustrated customers visiting Patricia’s office and demanding the release of their funds.

In response to these concerns, Patricia clarified that the circulating video is misleading, as the office shown is an innovation hub for developers and crypto enthusiasts and not an active office of Patricia. The exchange explained that the location shown does not reflect their current operational status.

Additionally, Patricia addressed the challenges faced by customers in withdrawing their funds, explaining that the app is currently in a beta testing phase. Customers who have participated in the testing process have already been able to redeem their Patricia Tokens (PUTX), the internal debt management token of the exchange. Patricia assured its users that the platform will reopen soon and balances will be released in batches over time.

Continued Support and Customer Updates

Despite the challenges and concerns raised, Patricia is committed to providing support to its customers. The exchange’s customer service lines are open, and regular updates will be shared as progress is made.

It is important for users to stay informed through official communication channels to avoid misinformation and confusion. Patricia urges its customers to rely on accurate information provided by the exchange and to reach out for assistance when needed.

Conclusion

Patricia’s debt restructuring plan using convertible notes provides an alternative solution for customers to address their outstanding debts. By offering the opportunity to convert debt tokens into shares, Patricia aims to mitigate financial challenges while also enabling users to contribute to the growth and success of the exchange.

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