Bundle, a Nigerian social payments app, has announced that it will be shutting down its crypto exchange services. In a statement released on July 20, the company revealed that the decision was made by its shareholders as part of a larger plan to restructure the business and focus on its Cashlink platform.
The decision to close the crypto exchange arm of Bundle comes as the company observes the growing Web3 and blockchain community. The shareholders believe that it is important to prioritize payment solutions that cater to the needs of this ecosystem. As a result, users will no longer be able to sign up for Bundle, deposit assets into their Bundle wallet, or swap assets within their Bundle wallet, except for Tether (USDT). Additionally, they will not be able to withdraw their assets using Cashlink unless they have Nigerian naira or other fiat currencies on the platform.
To ensure a smooth transition, Bundle has advised all its users to withdraw their assets from the app before September 12, 2023. The company has provided specific instructions for users in Nigeria, Ghana, Kenya, and other francophone-speaking countries on how to successfully withdraw their assets. Users in these locations can transfer their funds from Bundle to any preferred exchange. Nigerian users have the option to withdraw naira using Cashlink or transfer funds to their bank accounts via P2P express. If their balance is less than $10, they can use a provided link for withdrawal.
Bundle’s decision to close its crypto exchange services follows a similar move by LazerPay, another Nigerian crypto payment startup, which ceased operations in April and made its intellectual property available for sale. These closures reflect the evolving landscape of the Nigerian crypto industry and the need for companies to adapt to changing market conditions.
In conclusion, Bundle’s shareholders have decided to shut down the company’s crypto exchange services to focus on its Cashlink platform. Users are advised to withdraw their assets before September 12, 2023, and guidelines have been provided for a smooth withdrawal process. This decision aligns with the growing Web3 and blockchain community, emphasizing the company’s commitment to payment solutions that meet the needs of this ecosystem.