African crypto platform, Bundle shuts down after 3 years of operations

African crypto platform, Bundle shuts down after 3 years of operations

Bundle, a social payment app for cash and crypto will close down after three years of operations. According to an official statement shared with Technext by a representative of the company, Bundle Africa will cease operations of its exchange services. This is part of its Shareholders’ decision to restructure the business to focus on another product, Cashlink.

Cashlink, its peer-to-peer platform which recently crossed over 3 million total transactions in less than two years, will continue to operate independently to accelerate crypto adoption in Africa.

As a result of the exit, sign-ups on Bundle have been immediately suspended and users of the Bundle app have been advised to withdraw their assets within the next 60 days and note that deposits and swaps will be turned off.

Read also: Emmanuel Babalola: Crypto honcho using Bundle to change narratives in Africa

According to the statement, the Bundle team will be phasing out in batches to support its operations till its eventual exit closes. Even though this is the end of the journey for Bundle Africa and its team, the exchange has left its footprint in the African market and is excited to have driven the adoption of crypto in Africa.

According to CEO, Emmanuel Babalola noted that the team has put in place plans to adequately support their users during this transition phase.

Irrespective of this early exit, Bundle Africa has made its mark on the African continent, providing our users with a best-in-class experience for crypto, making it easier and safer to access crypto services. Our users can withdraw their funds into any wallet. Over the next 60 days, we will provide our users and stakeholders with unparalleled support as we transition to Cashlink and other services“, he explains.

Recall that last year, Bundle Africa became the first local cryptocurrency exchange to surpass one million app downloads and became the most-used indigenous crypto app in Nigeria. Despite this feat, and an increasing number of eager users looking to explore more blockchain features,

Bundle has constantly innovated around uncertain crypto regulatory conditions, which became visible in the swift launch of Cashlink after the crypto restrictions in 2021.

The story of Bundle: So far, so well

A product of Bundle Wallet Technology, Bundle was developed by Yele Badamosi – CEO of VC firm, Microtraction and former Director of Binance Labs. The crypto startup started as an incubated startup within the Binance ecosystem. At the time, Yele was still Director of Binance Labs, the venture arm of the crypto platform (Binance) where he was charged with developing Africa’s blockchain ecosystem.

The social payments platform launched in 2020 by introducing its app on the Android Play Store in April before it launched the iOS version in June of the same year.

Yele later stepped down as CEO of the company in August of the following year and was replaced by Emmanuel Babalola. Yele disclosed, in a blog post, that his decision to step down was to enable him to explore other areas that needed support in the African crypto community.

Bundle Africa ceases operations
CEO of Bundle Africa, Emmanuel Babalola was the keynote speaker at the Technext Coinference in October 2022

Emmanuel was a director at Binance Africa. Fondly called “Babz” by players in the ecosystem, Emmanuel Bablola has played an active role in the growth of the crypto ecosystem on the continent for many years

The Bundle app was built in a way that a layman can navigate without issues. As part of its growth strategy, the team had a Telegram Community where experts help traders get accustomed to the app and cryptocurrency generally.

“At the end of every week, we run a newbie walkthrough for our new users, to ease their journey through crypto by running them through the essentials that they need to know as a crypto trader”, Emmanuel told Technext in an interview once.

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About the Author: Daniel