Patricia Exchange CEO, Fejiro Hanu, has officially announced a debt restructuring initiative through the introduction of convertible notes. This dynamic strategy aims not only to alleviate debt pressures but also to foster fundraising for the impending app relaunch.
Conversion of Patricia Token (PTK) to Patricia Shares
Under this approach, customers holding Patricia Tokens (PTK) now have the opportunity to convert their outstanding debts into Patricia shares. This move aligns with Patricia’s commitment to user-centric solutions. Also, it provides a pathway for customers to actively participate in the company’s future.
Ensuring the highest level of transparency, Fejiro Hanu confirmed that the converted shares will be diligently managed by a trusted third party licensed by the Nigerian Securities and Exchange Commission (SEC). This strategic partnership aims to instill confidence in users and uphold a standard of openness throughout the entire process.
Addressing User Concerns and Redemption process
In response to recent user dissatisfaction, highlighted in a circulating video on X, Fejiro Hanu addressed concerns regarding the physical location of Patricia’s operations. Contrary to the video’s claims, Hanu clarified that Patricia operates on an entirely remote structure.
The office depicted in the video is an innovation hub established in 2022, offering free working spaces to developers and crypto enthusiasts, but is not the operational center of Patricia.
To address the ongoing challenge of fund withdrawals, Hanu shared insights into the current status of the Patricia app. The app, set to relaunch, is currently undergoing beta testing. Additionally, select customers already benefiting from the redemption of Patricia Utility Tokens (PUTX). Invitations for testing were extended to customers, ensuring a seamless experience before the public launch.
Hanu reassured users that the company is actively working towards redeeming balances in batches as soon as the firm officially reopens. This phased approach aims to streamline the process and enhance user experience.
Navigating Challenges: Patricia’s Response to Security Breach
This strategic restructuring comes in the wake of Patricia’s prior disclosure of a security breach in May 2023, leading to fund losses. Despite asserting the resilience of customer funds, the platform has acknowledged ongoing challenges in fund accessibility since April.