Bundle Africa, the popular crypto exchange service, has recently announced its decision to discontinue its exchange services, effective September 2023. The company made this announcement through a blog post, explaining that the move is part of a strategic restructuring to prioritise its peer-to-peer platform, Cashlink. This decision is driven by the rapid growth of Web3 and the blockchain community, which demands payment solutions tailored to their unique ecosystem needs.
Cashlink, the peer-to-peer platform, has experienced remarkable growth, surpassing 3 million total transactions within a short span of two years. Despite its success, Cashlink will continue to operate independently, driven by its mission to accelerate the adoption of cryptocurrencies across Africa. Serving as a facilitator for cash transfers in and out of Web3 applications, Cashlink seamlessly enables both crypto and non-crypto platforms to onboard and offboard cash. It operates within the Binance ecosystem.
Following the announcement, users will face certain limitations on Bundle Africa’s services. They will no longer be able to sign up on Bundle, deposit assets into their Bundle wallet, or swap assets in the wallet (except for USDT). Additionally, users without NGN or fiat on Bundle will be unable to withdraw using Cashlink.
To accommodate users during the transition period, the company has set a deadline for fund withdrawals. For users with less than $10, the last day for withdrawal is August 30, 2023. After this date, the remaining funds will be automatically converted to USDT.
Bundle Africa started as a company in August 2019 by Yele Bademosi and Emmanuel Babalola but launched the social payment app within the Binance ecosystem in April 2020. Over time, it evolved into a remote-first company, that now provides a secure platform for cryptocurrency and cash transactions.
The company has achieved notable success over the past three years, with over three million transactions on both Bundle and Cashlink. The platform boasts more than 50,000 active monthly users and facilitates approximately $50 million in monthly volume on Bundle.
Bundle Africa was known for its trustworthy reputation in the crypto space. As the company takes this strategic step towards focusing on Cashlink, the CEO and the team are likely to face new challenges and opportunities in driving crypto adoption in Africa.
