VIBRA, the Africa-focused cryptocurrency platform co-founded by Vincent Li of African Blockchain Labs, has ceased operations in all three of its markets—Nigeria, Ghana, and Kenya. While initially reported as a Nigeria-only closure, sources have confirmed the shutdown is continent-wide. The company, which raised $6 million from investors like Lateral Frontiers and Everest Ventures, is reportedly undergoing a pivot, though insiders suggest the closure is final.
In July, employees were given the choice to resign or face termination, signaling deeper issues within the startup. Around the same time, users were notified that services would be discontinued by July 15. While co-founder Li claimed the discontinuation was limited to Nigeria, messages in VIBRA’s Telegram group suggested a broader closure.
The shutdown coincides with the struggles of other web3 startups, such as Pillow and Lazerpay, both of which also shuttered operations amid a prolonged crypto bear market and the aftermath of FTX’s collapse. VIBRA, which allowed users to swap, send, receive, save, and spend cryptocurrencies, struggled to maintain user engagement. While the platform claimed to have over 100,000 agents across its three markets, former employees noted dwindling user activity and revenue before the shutdown.
VIBRA’s educational initiative, #VIBRAinClass, aimed to promote blockchain adoption by rewarding tutors and students for participation. However, the costs of incentive-driven acquisition proved unsustainable, particularly in a market where crypto companies face high customer expectations and expensive promotional demands. Former employees described the challenges of capturing a crypto-curious Nigerian audience, which expects significant incentives, including lavish promotions.
The exact number of users on the platform remains unclear, but declining engagement and revenue contributed to VIBRA’s financial struggles. Despite its ambitious goals, VIBRA was unable to sustain operations, reflecting the broader challenges facing web3 startups during a prolonged market downturn. Co-founder Vincent Li has declined to comment on the closure.
