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Nigerian Social Payments Platform, Bundle, to Cease Crypto Exchange Operations and Concentrate on Payment Services
A Strategic Shift in Response to Web3 and Blockchain Growth
Bundle, a well-known social payments application in Nigeria, announced on July 20 its intention to cease its cryptocurrency exchange operations. As stated in a blog post from the company, this decision is part of a strategic initiative by its shareholders to reorganize the business and emphasize the growth of Cashlink as a payment solution.
The firm recognized the swift expansion of the Web3 and blockchain community, acknowledging the necessity to address the changing needs of the ecosystem. Consequently, Bundle has opted to concentrate on delivering payment solutions that correspond with the community’s expectations.
Users Urged to Withdraw Assets by September 12, 2023
In light of the forthcoming changes, Bundle has advised all users to withdraw their assets from the application by September 12, 2023, to ensure a smooth transition. The company outlined procedures for users in Nigeria, Ghana, Kenya, and other French-speaking nations to assist with the withdrawal process.
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Nigerian users have several methods available for withdrawing their funds. They can use Cashlink to withdraw NGN or transfer money to their bank account via P2P express. For those with a balance under $10, a withdrawal can be easily initiated through the provided link.
In a similar manner, users from Ghana, Kenya, and Francophone countries can withdraw their funds using Cashlink or convert their local currencies to USDT and send the funds to other wallets. It is essential for these users to meet the minimum withdrawal threshold of $10 for a successful transaction.
A Shifting Landscape in the Nigerian Crypto Payment Space
Bundle’s choice to terminate its cryptocurrency exchange operations aligns with a notable trend within the Nigerian crypto payment sector. In April, LazerPay, another Nigerian crypto payment startup, halted its operations and offered its intellectual property for sale. These occurrences underscore the fluid nature of the cryptocurrency market and the necessity for companies to adjust to evolving market conditions.
Bundle’s decision to close its crypto exchange division and concentrate on payment solutions signifies the increasing significance of addressing the requirements of the Web3 and blockchain community. As the adoption of cryptocurrencies and blockchain technology rises, payment platforms must adapt and progress to satisfy the demands of a swiftly changing environment. As users prepare to withdraw their assets from Bundle, the Nigerian crypto payment landscape continues to experience substantial transformations, paving the way for further advancements and innovations ahead.
The post Nigerian Social Payments App, Bundle, to Shut Down Crypto Exchange Arm and Focus on Payment Solutions appeared first on BitcoinWorld.
