In the constantly evolving world of cryptocurrencies, renowned social payments platform, Bundle, has announced a seismic shift in its operational focus. The Nigerian startup, founded by Yele Bademosi in 2020, recently revealed plans to discontinue its crypto exchange service. Instead, it will concentrate on its increasingly popular peer-to-peer platform, Cashlink.
This strategic realignment comes as the future of blockchain technologies reveal exciting possibilities in Web3 and payment solutions. With a thriving user base of 50,000 monthly enthusiasts and an impressive financial handling of $50 million, Bundle had a compelling case for maintaining their current operations. But the meteoric success of Cashlink, which boasts a staggering 3 million transactions in under two years, proved too alluring for the company’s shareholders.
Despite this pivot, the convenience of the platform’s users is not forgotten; Bundle’s alterations demand change from their subscribers. New sign-ups, asset deposits, and asset swaps (aside from Tether) are now off the cards. If any user lacks Nigerian naira or any compatible fiat in their Bundle wallets, they may encounter issues withdrawing their funds using Cashlink. Subscribers are thus advised to extract their assets from the app before the deadline of September 12, 2023 to avert difficulties.
Luckily, residents in Nigeria, Ghana, Kenya, and Francophone countries have options. They can channel funds from Bundle to any desired exchange. In particular, Nigerians have the alternative of using Cashlink to withdraw naira or conveniently transfer their funds to bank accounts directly via P2P express.
Nevertheless, these strategic changes don’t emerge in a vacuum. They follow Nigeria’s Security and Exchange Commission (SEC) order last month that led the giant cryptocurrency exchange, Binance, to cease its operations in the country. The SEC, classifying Binance’s activities as “illegal”, cautioned investors to avoid the entity at their own risk. Furthermore, Nigeria’s central bank disallowed banks and other financial entities from aiding digital currency transactions in 2021.
Despite these setbacks, Africa’s most populous country remains a hotspot of crypto activity. Indeed, Nigeria boasts the highest volume of digital token transactions outside of the United States, facilitated largely through peer-to-peer trading platforms. It’s a captivating paradox, and one that could shape the future of this powerful digital frontier.
Source: Cryptonews
