Key Takeaways
- Users now won’t be able to sign up to Bundle, deposit assets into their Bundle wallet, swap assets in their Bundle wallet
- Firm plans to concentrate on Cashlink to address the payment requirements of the rapidly expanding Web3 and blockchain community
Bundle, the Nigerian social payments app with a crypto exchange arm, has announced its decision to shut down the exchange services and focus on its P2P payment network, Cashlink. The company cited the growing influence of the Web3 and blockchain community as the reason behind the restructuring, aiming to better serve the ecosystem’s needs with payment solutions.
In a statement released on July 20, the company confirmed that its shareholders had made the strategic decision to streamline operations and concentrate on Cashlink. Consequently, users will no longer be able to sign up for Bundle’s exchange services, deposit assets into their Bundle wallet, or swap assets within the wallet, except for Tether. Additionally, withdrawal with Cashlink will only be possible if users have Nigerian naira or other fiat currencies in their Bundle wallets.
Bundle Africa, founded in 2020 by Yele Bademosi and Emmanuel Babalola, initially launched as a social payment app catering to both cash and crypto transactions. As per reports, within the course of its three-year existence, the platform has achieved impressive results, amassing 50,000 monthly active users, processing 3 million transactions, and handling a monthly volume of $50 million.
In its blog post, the company made its intentions clear, stating that it seeks to concentrate on Cashlink to address the payment requirements of the rapidly expanding Web3 and blockchain community. However, this move means that Bundle users must act swiftly to withdraw their assets from the platform before the stipulated deadline of September 12, 2023.
The withdrawal process varies slightly for users in different locations. For Nigerian users, they can withdraw naira using Cashlink or perform a funds transfer to their bank accounts through P2P express. Should their balance be less than $10, they can conveniently withdraw using the link provided by the company.
Interestingly, Bundle has expressed its support for users outside Nigeria, Ghana, Kenya, and other francophone-speaking countries, allowing them to withdraw their funds to any preferred exchange.
This recent decision by Bundle follows a series of similar developments in the Nigerian crypto space. In April, LazerPay, another Nigerian crypto payment startup, ceased operations, citing difficulties in raising funds during a funding round.
