Bundle Africa: Pioneering Crypto Exchange to Shut Down After Three Years of Operation
In a surprising turn of events, Bundle Africa, a leading social payment app for cash and crypto, has announced that it will be ceasing its exchange services after operating for three years. The decision comes as part of a strategic move by the shareholders to restructure the business and shift its focus to the expansion and enhancement of its peer-to-peer platform, Cashlink. This move aims to accelerate the adoption of cryptocurrencies in Africa and cater to the increasing demand for blockchain features.
Bundle Africa's Remarkable Journey
Bundle Africa had achieved significant milestones during its operation. It proudly held the distinction of becoming the first local cryptocurrency exchange to surpass one million app downloads, securing its position as the most widely used indigenous crypto app in Nigeria. The platform's user-friendly interface and commitment to providing a best-in-class experience for crypto services have been instrumental in driving its popularity among eager users.
Despite navigating uncertain crypto regulatory conditions, Bundle Africa demonstrated remarkable resilience by swiftly launching Cashlink after the crypto restrictions in 2021. This agility allowed users to continue accessing crypto services seamlessly. Over the years, Bundle Africa has built a reputation for ensuring user satisfaction and safety, making it easier for Africans to engage with cryptocurrencies.
The Transition to Cashlink
Emmanuel Babalola, the CEO of Bundle, shared his thoughts on the decision, stating, "Irrespective of this early exit, Bundle Africa has made its mark on the African continent, providing our users with a best-in-class experience for crypto, making it easier and safer to access crypto services. Our users can withdraw their funds from any wallet. Over the next 60 days, we will provide our users and stakeholders with unparalleled support as we transition to Cashlink and other services."
Cashlink, the peer-to-peer platform, will continue to operate independently as the company redirects its focus. The platform aims to create a seamless and efficient means for users to conduct peer-to-peer transactions involving both cash and cryptocurrencies. By pivoting toward Cashlink, Bundle Africa seeks to cater to the growing demand for user-friendly, secure, and innovative financial services in Africa.
The End of an Era
As a result of the decision to shut down the exchange services, Bundle Africa has immediately suspended sign-ups. Current Bundle users are advised to withdraw their assets within the next 60 days, as deposits and swaps will be turned off during this period. The Bundle team will continue to provide support and maintain operations during the transition until its eventual closure.
While this marks the end of Bundle Africa's journey as a crypto exchange, the platform's impact on the African market remains significant. It has played a crucial role in driving the adoption of cryptocurrencies across the continent and has left a lasting footprint in the industry.
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