Patricia Exchange CEO Announces Debt Restructuring via Convertible Notes

    Patricia Token (PTK) customers can now convert their owed funds into Patricia shares. CEO Fejiro Hanu explains the debt restructuring strategy and addresses customer concerns amid ongoing difficulties.

    Patricia, a Nigerian cryptocurrency exchange, is offering customers the option to convert their owed funds into Patricia shares. CEO Fejiro Hanu sees this as a crucial step in the company’s fundraising and debt reorganization strategy, coinciding with the upcoming app relaunch. The conversion process allows users to transform their debt tokens into convertible notes at a favorable discount.

    Hanu assures transparency by appointing a Nigerian Securities and Exchange Commission (SEC)-licensed third party to manage the shares. However, some customers have expressed discontent, with a video circulating on social media showing them demanding their money at what appears to be Patricia’s office.

    Fejiro Hanu clarified that the video is misleading, as Patricia operates remotely and the office in question serves as a free working space for developers and crypto enthusiasts. The Patricia app is set to relaunch, and customers are being invited for beta testing. Some are already redeeming Patricia Token (PUTX), the exchange’s internal debt management token. Hanu confirmed plans to gradually redeem customer balances when the firm reopens, following a security breach in May 2023 that led to ongoing fund access issues.

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