Nigerian social payment app Bundle Africa halts exchange servicesBundle Africa, a prominent player in the African crypto space, has decided to discontinue its exchange services. According to an announcement, the company is restructuring its services to focus on Cashlink, its payment solution designed for the Web3 ecosystem.
The decision to cease operations of its exchange services was a result of the shareholders’ decision to change its business model.
Over the past three years, Bundle Africa has achieved significant milestones, including Cashlink processing over three million transactions. The platform has recorded 50,000 monthly active users and a $50m monthly volume. However, as the Web3 and blockchain community continue to grow, the company has identified a need to focus on payment solutions that meet the ecosystem’s needs.
Implications for Bundle users: What to expect
The cessation of Bundle’s exchange services has implications for its users, particularly those in Nigeria, Ghana, Kenya, and Francophone countries. Users are advised to withdraw all their funds from Bundle to any exchange of their choice. Nigerian users holding NGN can withdraw it through Cashlink into their bank account. Ghanaian users can also withdraw their money directly from the app to their account using Cashlink.
Users holding less than $10 in their account are provided with a link to withdraw their funds. However, it’s important to note that withdrawals of less than $10 are not permitted from Bundle accounts. The last day for withdrawal if users have less than $10 is the 30th of August 2023. After this day, funds will be automatically converted to USDT.
From the date of the announcement, users will no longer be able to sign up on Bundle, deposit assets into their Bundle wallet, swap assets in their Bundle wallet (except USDT), or withdraw with Cashlink if they do not have NGN or fiat on Bundle.
Bundle Africa joins a host of other crypto platforms in Nigeria, such as Lazerpay and Paychant, that have ceased operation.
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