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Nigerian Social Payments App, Bundle, to Shut Down Crypto Exchange Arm and Focus on Payment Solutions

A Strategic Shift in Response to Web3 and Blockchain Growth

Bundle, a popular Nigerian social payments app, made a significant announcement on July 20, revealing its decision to shut down its crypto exchange operations. According to a statement released on the company blog, the move is part of a strategic decision by its shareholders to restructure the business and prioritize the expansion of Cashlink as a payment solution.

The company acknowledged the rapid growth of the Web3 and blockchain community, recognizing the need to cater to the evolving demands of the ecosystem. As a result, Bundle has chosen to focus on providing payment solutions that align with the community’s requirements.

 Users Urged to Withdraw Assets by September 12, 2023

In light of the upcoming changes, Bundle has issued an advisory to all its users. They are urged to withdraw their assets from the app by September 12, 2023, to ensure a seamless transition. The company specified steps for users in Nigeria, Ghana, Kenya, and other francophone-speaking countries to facilitate the withdrawal process.

Nigerian users have multiple options for withdrawing their funds. They can utilize Cashlink to withdraw NGN or transfer funds to their bank account through P2P express. If their balance is below $10, they can easily initiate a withdrawal through the provided link.

Similarly, Ghanaian, Kenyan, and Francophone users have the option to withdraw their funds via Cashlink or convert their local currencies to USDT and transfer the funds to other wallets. It is important to note that these users need to meet the minimum withdrawal amount of $10 for a successful transaction.

A Shifting Landscape in the Nigerian Crypto Payment Space

The decision by Bundle to discontinue its crypto exchange operations follows a notable trend in the Nigerian crypto payment space. In April, LazerPay, another Nigerian crypto payment startup, ceased its operations and made its intellectual property available for sale. These developments highlight the dynamic nature of the cryptocurrency industry and the need for companies to adapt to changing market conditions.

Bundle’s decision to shut down its crypto exchange arm and focus on payment solutions reflects the growing importance of catering to the needs of the Web3 and blockchain community. With the increasing adoption of cryptocurrencies and blockchain technology, payment platforms must adapt and evolve to meet the demands of a rapidly changing landscape. As users prepare to withdraw their assets from Bundle, the Nigerian crypto payment space continues to witness significant shifts, setting the stage for further developments and innovations in the future.

 

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