Bundle, a social payment app for cash and cryptocurrency, has decided to close down after three years of service.
A company representative released a formal statement saying that Bundle Africa will stop operating its exchange services.
This is part of what its Shareholders decided to do to reshape the business so that it can focus on another product, Cashlink.
Cashlink, its peer-to-peer tool that has done more than 3 million transactions in less than two years, will continue to work on its own to speed up the use of cryptocurrencies in Africa.
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As a result of the exit, sign-ups on Bundle have been immediately suspended, and users of the Bundle app have been advised to withdraw their assets within the next 60 days and note that deposits and swaps will be turned off.
According to the statement, the Bundle team will be moving out in groups to keep its operations going until it finally shuts down. Even though this is the end of the road for Bundle Africa and its team, the exchange has left its mark on the African market and is happy to have helped bring crypto to Africa.
CEO Emmanuel Babalola said that the team had put plans in place to help users through this change.
“Despite this early exit, Bundle Africa has made its mark on the African continent by giving our users the best-in-class crypto experience and making it easy and safer to access crypto services. Our customers can move their money to any wallet they want. Over the next 60 days, as we move to Cashlink and other services, we will give our users and partners the best help we can,” he says.
Bundle Africa was the first Nigerian cryptocurrency exchange to reach one million app downloads last year. Despite this accomplishment and an increasing number of interested consumers wanting to explore more blockchain functionalities,
Bundle launched Cashlink quickly following the 2021 crypto limits, demonstrating its ability to adapt to changing crypto regulations.
Bundle’s growth
Yele Badamosi, CEO of Micro Traction and former Binance Labs director, developed Bundle Wallet Technology. Binance incubated the crypto startup. Yele was the Director of Binance Labs, Binance’s venture arm, where he developed Africa’s blockchain ecosystem.
The social payments platform will be released on the Android Play Store in April 2020 and on iOS in June 2020.
Emmanuel Babalola succeeded Yele as CEO in August of the following year. In a blog post, Yele said he resigned to promote other African crypto communities.
Binance Africa director Emmanuel The continent’s crypto sector has grown thanks to “Babz,” Emmanuel Bablola.
Everyone may use the Bundle app. As part of its growth strategy, the company created a Telegram Community where specialists teach traders how to use the programme and bitcoin.
Emmanuel added, “At the end of every week, we run a newbie walkthrough for our new users to make their journey through crypto easier by showing them the basics they need to know as a crypto trader.”
