In a strategic move that could reshape the future of cryptocurrency exchanges, Patricia, a prominent Nigerian cryptocurrency exchange, recently announced a novel solution for its clients grappling with outstanding debts. The exchange’s CEO, Fejiro Hanu, disclosed that clients now have the option to transform their owed funds into Patricia shares, an integral component of the company’s fundraising and debt restructuring strategy. As Patricia gears up for an imminent application relaunch and a forthcoming fundraising drive, clients are being offered a unique opportunity to convert their debt tokens into convertible notes at a substantial discount in Patricia. These convertible notes will be overseen by a Securities Exchange Commission (SEC) licensed third-party administrator to ensure complete transparency.

However, not all clients are on board with this innovative plan, and some have expressed their dissatisfaction through various channels, including a viral video circulating on social media. In the video, frustrated clients are seen congregating outside what appears to be a Patricia-affiliated building, voicing their concerns about the current state of affairs.

Responding to the uproar, Patricia CEO Fejiro Hanu has emphatically dismissed the claims made in the viral video, describing it as misleading and malicious. He clarified that Patricia operates under a fully remote framework and the office shown in the video is actually a development center established in 2022, designed to provide free working spaces for developers and cryptocurrency enthusiasts. Patricia’s core operations do not take place at this location.

When questioned about the ongoing issues faced by clients who are unable to withdraw their funds, Hanu revealed that Patricia’s upcoming application is currently in beta testing. Clients have been extended invitations to experience the application before it becomes publicly available. A select group of clients participating in the testing phase are already in the process of redeeming their assets.

Fejiro Hanu further disclosed that Patricia’s plan is to return client balances in batches once the firm resumes regular operations. This development comes in the wake of a security breach that occurred in May 2023, leading to deposit losses. Despite Patricia’s assurances that customer funds remained unaffected, clients have encountered persistent challenges in accessing their assets.

The groundbreaking approach of converting client debts into convertible notes could revolutionize how cryptocurrency exchanges handle outstanding obligations. It offers clients an opportunity to become stakeholders in Patricia, a move that aligns with the exchange’s financial goals and expansion plans.

Patricia’s CEO, Hanu, remains resolute in the face of criticism and misinformation. While some clients have expressed their concerns, this innovative strategy could prove to be a turning point for Patricia, as it paves the way for an exciting future where clients are not only users but also investors in the platform.