{"id":75909,"date":"2023-10-23T14:39:37","date_gmt":"2023-10-23T18:39:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/nigerian-crypto-exchange-patricia-implements-debt-restructuring-using-convertible-notes\/"},"modified":"2023-10-23T14:39:41","modified_gmt":"2023-10-23T18:39:41","slug":"nigerian-crypto-exchange-patricia-implements-debt-restructuring-using-convertible-notes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=75909","title":{"rendered":"Nigerian Crypto Exchange Patricia Implements Debt Restructuring Using Convertible Notes"},"content":{"rendered":"
\n

Patricia, a Nigerian crypto exchange, is embarking on a significant debt restructuring initiative, offering customers the option to convert owed funds into Patricia shares.<\/p>\n

The company recently introduced<\/a> Patricia Tokens (PTK), which it has now made available to customers for this purpose.<\/p>\n

According to a report from crypto news outlet Cointelegraph this weekend, the exchange\u2019s CEO, Fejiro Hanu, has confirmed that the process is a key part of the firm\u2019s strategy for fundraising and debt reorganization.<\/p>\n

The process will allow users to convert their debt tokens to shares at a discount.<\/p>\n

The report added that the shares will be held and managed by a third-party provider that is licensed by the Nigerian Securities and Exchange Commission (SEC).<\/p>\n

Unhappy customers<\/h2>\n

While Patricia aims to relaunch its app and prepare for a fundraising initiative, not all customers are content with this move.<\/p>\n

Judging from videos<\/a> posted on social media platform X, some users have expressed their frustration by visiting the company’s office and demanding the release of their funds.<\/p>\n

In response to this, Patricia said in an official statement posted on X that the video circulating on social media is misleading, as Patricia operates remotely and the office shown is an innovation hub for developers and crypto enthusiasts.<\/p>\n

\u201cThe location shown in the video is not an active office of Patricia,\u201d the statement said.<\/p>\n

<\/oembed><\/figure>\n

Regarding users struggling to withdraw their funds, the statement pointed out that the Patricia app is undergoing a beta testing phase.<\/p>\n

Customers who have joined the testing process are already redeeming their Patricia Tokens (PUTX), the exchange\u2019s internal debt management token, the statement said.<\/p>\n

Patricia has said it aims to reopen the platform soon, and that customers’ balances will be released over time in batches.<\/p>\n

\u201cOur customer service lines remain open, and we will continue to share regular updates as we make progress,\u201d the exchange added.<\/p>\n<\/p><\/div>\n