Patricia Exchange Offers Option to Convert Owed Funds into Shares
Nigerian cryptocurrency exchange, Patricia, has introduced an option for customers to convert their owed funds into shares. The CEO of Patricia, Fejiro Hanu, confirmed that this move is part of the company’s strategy for fundraising and restructuring its debts. The conversion of debt tokens into convertible notes in Patricia is being offered at a favorable discount. Hanu also assured users that these shares will be managed by a trusted third-party trustee licensed by the Securities Exchange Commission (SEC) to ensure transparency.
User Dissatisfaction and Misleading Video
Some users expressed their dissatisfaction with this option and took to social media to voice their concerns. However, Hanu clarified that a video circulating on social media showing agitated users at an office building is misleading. He explained that the office in question is an innovation hub established in 2022 and is not actively used by Patricia for its operations.
Solution for Withdrawal Issues
Regarding users who are still unable to withdraw their funds, Hanu mentioned that the Patricia app is currently undergoing beta testing before its relaunch. Customers who participated in the testing process are already redeeming their funds. Hanu assured users that balances will be redeemed in batches once the firm reopens.
Past Security Breach and Fund Access Difficulties
In May 2023, Patricia disclosed a security breach resulting in fund losses, although they claimed customer funds were unaffected. Since April, platform users have faced difficulties accessing their funds. The upcoming app relaunch aims to address these issues and improve user experience.
Hot Take: Addressing User Concerns and Rebuilding Trust
The introduction of the option to convert owed funds into shares demonstrates Patricia’s commitment to resolving its debt and rebuilding trust with its users. While some customers may be dissatisfied, it is important to consider the efforts made by the exchange to offer a solution. The company’s focus on transparency, through the management of shares by a licensed third-party trustee, further emphasizes its dedication to addressing user concerns. With the upcoming app relaunch and redemption of balances in batches, Patricia aims to rectify past difficulties and provide a better user experience moving forward.
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