Nigerian Social Payments App Bundle Ceases Crypto Exchange Services – Here’s the Latest

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Author Profile

Share

Copied

Last updated:

July 23, 2023 17:32 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

Nigerian social payments platform Bundle plans to cease its crypto exchange services and instead focus on its peer-to-peer platform Cashlink. 

In a recent blog post, Bundle said the decision was made by the company’s shareholders, who believe that the future lies in payment solutions that cater to the growing Web3 and blockchain community.

“We will cease operations of its exchange services as part of the Shareholders’ decision to restructure the business to focus on cashlink,” the company said in the announcement. 

Founded by Yele Bademosi in 2020, Bandle quickly gained popularity, attracting 50,000 monthly active users and processing a monthly volume of $50 million. 

However, with the rise of Cashlink and its impressive record of over 3 million transactions in less than two years, Bundle’s shareholders saw an opportunity to pivot their business toward this burgeoning market.

“As Web3 and the blockchain community continue to grow, there is a need to focus on payment solutions that meet the ecosystem’s needs, which is the plan with Cashlink.”

As a result, users will no longer be able to sign up for the platform, deposit assets into their Bundle wallets, or swap assets (with the exception of Tether). 

If users do not have Nigerian naira or any other fiat currency in their Bundle wallets, they will also be unable to withdraw funds using Cashlink.

To avoid any inconvenience, Bundle has advised all users to withdraw their assets from the app before September 12, 2023.

Users in Nigeria, Ghana, Kenya, and other Francophone countries can transfer their funds from Bundle to any preferred exchange. 

In Nigeria, users have the option to withdraw naira using Cashlink or transfer funds to their bank accounts through P2P express. 

Nigeria Orders Binance to Cease Operations

Last month, Nigeria’s Securities and Exchange Commission (SEC) ordered Binance, the world’s largest cryptocurrency exchange by trading volume, to cease operations in the country.

The regulator declared the operations of Binance “illegal” in the West African nation, stating that the cryptocurrency exchange was neither registered nor regulated by the commission. 

“Any member of the investing public dealing with the entity is doing so at his or her own risk,” the commission warned at the time. 

Nigeria’s central bank had previously banned banks and financial institutions from facilitating transactions in digital currencies in 2021. 

However, despite the ban, residents in Africa’s most populous country still make up the largest volume of digital token transactions done on peer-to-peer trading platforms outside of the United States.