Exclusive: Dragonfly Capital backed web3 app VIBRA shuts down in Nigeria
- VIBRA, the crypto trading app created by the African Blockchain Lab, has shut down its Nigerian operation.
- The company's website states that it operates in Ghana and Kenya, but an email suggests that it has stopped servicing users in all African markets.
- Vibra's closure in Nigeria follows the trend of closures and downsizing of web3 startups in Africa.
The closure of VIBRA in Nigeria and the trend of closures and downsizing of web3 startups in Africa indicate challenges in the market. It is important for crypto companies to meet the high expectations of Nigerian customers and build trust. The pivot of VIBRA suggests a need for strategic adjustments to address these challenges.
