Nigerian social payments app shuts down crypto exchange services
Nigerian social payments app shuts down crypto exchange services

Nigerian social payments app, Bundle announced on July 20 that it is shutting down its crypto exchange arm. 

According to a statement released on the company blog, explaining that it is ceasing its crypto exchange operations as it focuses on expanding the services of Cashlink as a payment solution. Bundle stated that it will cease operations of its exchange services as part of the shareholders’ decision to restructure the business to focus on Cashlink.

<em>Screenshot of Bundle press release statement. Source: Bundle</em>

In the statement, the company cited that this decision by its shareholders is a result of the observed growth of the Web3 and blockchain community and hence the need to focus on payment solutions that meet the ecosystem’s needs. In the company’s press release, it confirmed that users won’t be able to sign up on Bundle, deposit assets into their Bundle wallet, swap assets in their Bundle wallet (except USDT) or withdraw with Cashlink if they do not have NGN or fiat on Bundle.

According to the statement, all Bundle users are advised to withdraw their assets from the app on or before September 12, 2023. However, the company specified steps for its users in Nigeria, Ghana, Kenya and other francophone-speaking countries to successfully withdraw their assets.

Related: Nigerian crypto tax move is ‘premature’ — Local stakeholders

Users in these locations can withdraw their funds from Bundle to any exchange they prefer. Nigerian users have the option to withdraw NGN using Cashlink or transfer funds to their bank account through P2P express. If their balance is less than $10, they can use the provided link to withdraw.

Ghanaian, Kenyan, and Francophone users can withdraw via Cashlink or convert their local currencies to USDT and transfer the funds to other wallets. However, they must meet the minimum withdrawal amount of $10.

In April, LazerPay, another Nigerian crypto payment startup, ceased operations and made its intellectual property available for sale.

Magazine: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express

Source