Nigerian Social Payments Platform Bundle Halts Crypto Exchange Operations
Bundle, the Nigerian social payments platform, announced on July 20 its decision to discontinue its crypto exchange services and shift its focus towards the peer-to-peer platform known as Cashlink. This strategic move comes as a result of the shareholders’ decision to restructure the business and emphasize Cashlink.
Founded in 2020 by Yele Bademosi, Bundle had gained significant traction with 50,000 monthly active users and a monthly volume of $50 million at the time of the announcement. In comparison, Cashlink boasted an impressive record of over 3 million transactions within a span of two years.
According to Emmanuel Babalola, the CEO quoted in a Technext report, Bundle has meticulously planned for a transition phase, which is expected to span 60 days. During this period, the platform aims to offer unmatched support to its users and stakeholders as they adapt to the shift towards Cashlink and other services.
To facilitate the transition, Bundle has requested its users to withdraw their digital assets to their preferred crypto exchanges. Users in Nigeria with balances below $10 have until August 30, 2023, to make their withdrawals; otherwise, their funds will be automatically converted to the stablecoin USDT. Similarly, users in Ghana, Kenya, and Francophone countries are also required to convert their assets to USDT by the specified date. Following the announcement, the platform has disabled the functionalities for signing up, depositing, or swapping assets in the Bundle wallet (except when converting to USDT).
As Bundle takes this step towards realigning its services, it acknowledges its significant impact on the African continent, offering a top-notch crypto experience that simplifies and secures access to crypto services. The company remains committed to supporting its user base throughout the transitional phase.
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Frequently Asked Questions (FAQs) about crypto exchange
What is Bundle and why is it ceasing crypto exchange operations?
Bundle is a Nigerian social payments platform that started operations in 2020. It has decided to shut down its crypto exchange services to focus on its peer-to-peer platform called Cashlink. The decision comes as a result of the shareholders’ choice to restructure the business and prioritize Cashlink.
When will the transition period take place, and how long will it last?
The transition period is expected to last for 60 days. During this time, Bundle will provide its users and stakeholders with comprehensive support as they adapt to the shift towards Cashlink and other services.
What are users required to do with their digital assets?
Users are asked to withdraw or convert their digital assets to the stablecoin tether (USDT) on or before August 30, 2023. Nigerian users with balances below $10 must withdraw their funds by this date, as any remaining funds will be automatically converted to USDT.
Cashlink is the peer-to-peer platform that Bundle will now focus on. While specific details are not provided in the current text, users can expect Cashlink to offer secure and user-friendly peer-to-peer payment services.
Can users continue to use the Bundle wallet for asset deposits and swaps?
No, following the announcement, users of the Bundle platform will not be able to sign up, deposit, or swap assets in their Bundle wallet (except for converting to USDT). The wallet functionality will be disabled during the transition phase.
More about crypto exchange
- Nigerian Social Payments Platform Bundle: [Link](Provide the URL)
- Cashlink Peer-to-Peer Platform: [Link](Provide the URL)
- Technext Report on Bundle: [Link](Provide the URL)
- Stablecoin Tether (USDT): [Link](Provide the URL)
- African Crypto Newsletter: [Link](Provide the URL)