Patricia, a Nigerian crypto exchange, is embarking on a significant debt restructuring initiative, offering customers the option to convert owed funds into Patricia shares. The company recently introduced Patricia Tokens (PTK), which it has now made available to customers for this purpose. According to a report from crypto news outlet Cointelegraph this weekend, the exchange’s CEO, Fejiro Hanu, has confirmed that the process is a key part of the firm’s strategy for fundraising and debt reorganization.
Offering Debt Conversion at a Discount
The debt restructuring process implemented by Patricia enables users to convert their debt tokens to shares at a discount. This presents customers with an opportunity to potentially mitigate their debts while also gaining ownership in the company. The shares obtained through conversion will be held and managed by a third-party provider authorized by the Nigerian Securities and Exchange Commission (SEC).
Mixed Reactions from Customers
While Patricia aims to relaunch its app and prepare for a fundraising initiative, some customers have expressed their frustration regarding the debt conversion offer. Videos posted on social media platform X showcase disgruntled users visiting the company’s office and demanding the release of their funds. However, Patricia has clarified that the office shown in the video is not an active office but rather an innovation hub for developers and crypto enthusiasts.
“The location shown in the video is not an active office of Patricia,”
– Official Statement from Patricia
Patricia has also addressed the challenges faced by users attempting to withdraw their funds. The company states that its app is currently in a beta testing phase, and customers who participated in the testing process have already been able to redeem their Patricia Tokens (PUTX), the platform’s internal debt management token. Patricia reassures customers that the platform will soon reopen, and balances will be released gradually in batches over time.
Patricia emphasizes that their customer service lines remain open, and they will provide regular updates to keep customers informed about their progress. The company views the debt restructuring initiative as a crucial step towards fundraising and debt reorganization, ensuring a more sustainable future for the Nigerian crypto exchange.
