Patricia change CEO publicizes debt restructuring through convertible notes


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

In response to an announcement from Hanu, this course of types an integral element 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 remodel their debt tokens into convertible notes at a good low cost in Patricia.

He additionally revealed that these shares can be managed by a Nigerian Securities and Alternate Fee (SEC)-licensed trusted third celebration to make sure full transparency.

Nevertheless, some customers usually are not proud of 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.

Talking 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 fanatics and that Patricia doesn’t function from that workplace.

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

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

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

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