Bundle Africa shuts exchange operations after three years
Bundle Africa, the payments app for cash and cryptocurrency, is undergoing a significant transformation as it announces the closure of its exchange services after three years of operation. The decision, made by shareholders to “restructure the business,” will now shift the company’s focus towards its peer-to-peer platform, Cashlink.
By Anna B Kiwanuka
Bundle Africa, the crypto payments app operating for three years, has recently announced discontinuing its exchange services. The company’s focus will now shift toward its peer-to-peer platform, Cashlink.
In a statement released recently, Bundle Africa revealed that the decision to halt exchange services was made by its shareholders as part of a business restructuring plan. The company expressed its commitment to addressing the needs of the growing Web3 and blockchain community through its peer-to-peer platform, Cashlink. Notably, Bundle Africa has achieved significant milestones, with 50,000 monthly active users and a monthly volume of $50 million on Bundle, along with over 3 million transactions on Cashlink.
With the announcement, users will no longer be able to sign up on Bundle, deposit assets into their wallets, or swap assets, except for USDT. They are encouraged to withdraw all their funds to any exchange of their choice. The deadline for converting assets to USDT is set for the 30th of August, 2023.
Despite this transition, Bundle Africa reassures its users that their funds are secure and can be withdrawn until September 10th. The company’s CEO, Emmanuel Babalola, emphasized the team’s commitment to providing unparalleled support during this period of change.
The cessation of Bundle Africa’s exchange operations comes at a challenging time for the African crypto industry. Other Nigerian crypto startups, such as Nestcoin, Fluidcoins, and Lazerpay, have also faced difficulties, showcasing the volatility and challenges that exist within the crypto space.
As Bundle Africa realigns its focus towards Cashlink and other services, it remains to be seen how the company will navigate the ever-evolving crypto landscape while striving to meet the needs of the blockchain community in Africa.