Bundle Ceases Crypto Exchange Services
Nigerian social payments app Bundle has recently announced the discontinuation of its crypto exchange services.
Bundle has shifted its focus to Cashlink payment solution as part of a strategic restructuring effort. The move was prompted by the growth of the Web3 and blockchain communities. Bundle’s shareholders deemed it necessary to adapt to the ecosystem’s evolving needs and focus on payment solutions that align with current trends. Users will no longer be able to register on the platform, deposit assets, or execute asset swaps within the wallet, except for Tether.
Bundle users cannot withdraw assets using Cashlink unless they have Nigerian naira or other fiat currencies in their wallet. The company has set a deadline for withdrawals, September 12, 2023. To facilitate a smooth withdrawal, Bundle has outlined specific steps for users in Nigeria, Ghana, Kenya, and other francophone-speaking countries. Users can transfer funds to preferred exchanges, with Nigerian users having the option to withdraw naira using Cashlink or bank transfers through P2P express. An easily accessible link is provided for balances under $10.
Bundle’s crypto exchange arm closure follows LazerPay’s April closure and sale of intellectual property, following Nigerian crypto payment startup’s similar move.
(With inputs from Shikha Singh)
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