---
title: "Why Fluidcoins shut down"
description: "Fluidcoins, a Nigerian crypto payment infrastructure startup, was acquired in a 100%-stake acquihire deal by UAE/Barbados-registered Blockfinex on February 16, 2023, after failing to raise follow-on funding beyond its initial $150K and running low on cash amid the 2022 crypto bear market."
canonical_url: "https://liners.com/graveyard/fluidcoins"
markdown_url: "https://liners.com/graveyard/fluidcoins.md"
type: "graveyard"
language: "en"
image: "/graveyard/fluidcoins/certificate.png"
published_at: "2026-07-31T17:41:07.836Z"
updated_at: "2026-07-31T17:41:07.836Z"
---

# Why Fluidcoins shut down

Fluidcoins, a Nigerian crypto payment infrastructure startup, was acquired in a 100%-stake acquihire deal by UAE/Barbados-registered Blockfinex on February 16, 2023, after failing to raise follow-on funding beyond its initial $150K and running low on cash amid the 2022 crypto bear market.

## Breadcrumbs

- [Graveyard](/graveyard)
- [Fluidcoins](/graveyard/fluidcoins)

## Summary

Here lies Fluidcoins. It built crypto payment rails for African businesses through Flip and Fluidshop, letting them hold stablecoins and accept payments. When the 2022 bear market froze follow-on funding, eighteen months of runway ran dry and the whole company transferred to Blockfinex to keep the lights on.

Fluidcoins, a Nigerian crypto payment infrastructure startup, was acquired in a 100%-stake acquihire deal by UAE/Barbados-registered Blockfinex on February 16, 2023, after failing to raise follow-on funding beyond its initial $150K and running low on cash amid the 2022 crypto bear market.

## Product history

| Field | Value |
| --- | --- |
| Fate | AcquiredDiscontinued |
| Primary cause | FundingRunway |
| Stage at shutdown | Pre-seed |
| Lifespan in days | 761 |

## Autopsy report

## What the product attempted

Built crypto payment infrastructure for African businesses via two products: Flip, a crypto wallet offering stablecoin interest, and Fluidshop, an e-commerce plugin for accepting crypto payments.

## What worked

Sustained about 18 months of operations on its $150K pre-seed round before running low on cash; the Flip and Fluidshop products launched and continued operating through the acquisition.

## Early warning signs

Running low on cash after 18 months on only $150K raised, with follow-on funding unavailable amid the 2022 crypto bear market and FTX collapse fallout.

## What happened

After raising only $150,000 pre-seed and running for about 18 months, Fluidcoins could not close a new funding round during the 2022 crypto downturn; on February 16, 2023 it sold 100% of the company to Blockfinex in what CEO Lanre Adenowo called "the logical next step to keep the lights on," an acquihire that kept the founding team intact, though some investors were reportedly divided over the sale terms.

## Sources

- [After failing to raise additional investment, Fluidcoins sells to Blockfinex, but investors remain divided over sale](https://techpoint.africa/2023/02/16/blockfinex-acquires-fluidcoins/?ref=startupgraveyard.africa): TechCabal
- [UAE's Blockfinex acquires Nigerian crypto Fluidcoins](https://punchng.com/uaes-blockfinex-acquires-nigerian-crypto-fluidcoins/): The Punch
- [Blockfinex buys Fluidcoins in 1st acquisition deal of Nigeria's crypto ecosystem](https://technext.ng/2023/02/16/blockfinex-purchases-nigerian-crypto/): Technext

## Related pages

- [Fluidcoins alternatives](/fluidcoins/alternatives)
- [Liners Graveyard](/graveyard)

## Access and citation

- [Canonical HTML page](https://liners.com/graveyard/fluidcoins)
- [Markdown route index](/sitemap.md)
- [Agent access guide](/llms.txt)