Nigerian social payments app, Bundle, has made an announcement on July 20th regarding the closure of its crypto exchange services. The company revealed in a statement on its blog that it has decided to cease its crypto exchange operations and instead focus on expanding its payment solution, Cashlink. This decision was made by the company’s shareholders as part of a restructuring plan to meet the growing needs of the Web3 and blockchain community.
According to the statement, Bundle users will no longer be able to sign up on the platform, deposit assets into their Bundle wallet, swap assets (except USDT), or withdraw using Cashlink if they do not have NGN or fiat on Bundle. To facilitate a smooth transition, the company has advised all users to withdraw their assets from the app by September 12, 2023.
However, Bundle has provided specific instructions for users in Nigeria, Ghana, Kenya, and other francophone-speaking countries on how to successfully withdraw their assets. Nigerian users can withdraw NGN using Cashlink or transfer funds to their bank account through P2P express. For balances below $10, a provided link can be used for withdrawal. Ghanaian, Kenyan, and Francophone users can withdraw via Cashlink or convert their local currencies to USDT and transfer the funds to other wallets, with a minimum withdrawal amount of $10.
This decision by Bundle to shut down its crypto exchange services comes after another Nigerian crypto payment startup, LazerPay, ceased operations and made its intellectual property available for sale earlier this year. It reflects a shifting focus within the industry towards payment solutions that cater to the evolving needs of the blockchain ecosystem.
The closure of Bundle’s crypto exchange arm highlights the priority placed on their payment solution, Cashlink, which aims to provide users with a seamless and efficient way to make transactions and payments. By streamlining their operations and dedicating their resources to meet the demands of the growing Web3 and blockchain community, Bundle aims to adapt and thrive in the ever-changing landscape of the digital payment industry.
As the world of cryptocurrencies continues to evolve, it is not uncommon for companies to reassess their business strategies and reallocate their resources towards more promising ventures. Bundle’s decision to shut down its crypto exchange services and focus on payment solutions serves as a testament to the dynamism and adaptability of the Nigerian fintech sector. It remains to be seen how this move will impact the company’s future growth and whether it will position them as a frontrunner in the payment solution space.