Patricia exchange CEO announces debt restructuring via convertible notes


Following the launch of Patricia Token (PTK) issued to clients by Patricia, a Nigerian cryptocurrency exchange, its CEO, Fejiro Hanu, has confirmed that clients now have the choice to transform their owed funds into Patricia shares.

According to a press release from Hanu, this course of varieties an integral part of the agency’s technique for fundraising and reorganizing its money owed. In anticipation of the agency’s upcoming app relaunch and preparation for its fundraising initiative, it permits its customers to rework their debt tokens into convertible notes at a positive low cost in Patricia.

He additionally revealed that these shares can be managed by a Nigerian Securities and Exchange Commission (SEC)-licensed trusted third get together to make sure full transparency.

However, some customers aren’t pleased with the transfer. In a video making the rounds on X (previously Twitter), the agitated customers are seen at a constructing the place the corporate is positioned, demanding their cash.

Speaking with Cointelegraph, Hanu said that the video content material is deceptive and mischievous because the agency runs a wholly distant construction. He said that the workplace within the video is an innovation hub arrange and introduced in 2022 to supply free working areas to builders and crypto lovers and that Patricia doesn’t function from that workplace.

When requested concerning the present resolution for customers who can not withdraw their funds, Hanu said that the Patricia app is about to be relaunched and is presently in beta testing. He added that invitations had been prolonged to clients to expertise the app earlier than opening to the general public. Some clients who opted for the testing course of are getting their Patricia Token (PUTX) redeemed, which is the exchange’s inside debt administration token.

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According to Hanu, Patricia customers have additionally notified clients of the plan to redeem their balances in batches as quickly because the agency reopens.

This improvement follows the corporate’s earlier disclosure of a safety breach leading to fund losses in May 2023. Despite claiming that buyer funds remained unaffected, platform customers have confronted ongoing difficulties accessing them since April.

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