On July 20, Bundle, a well-known social payments app in Nigeria, revealed a crucial decision by saying that it will be closing its cryptocurrency exchange. A statement posted on the business blog claims that the action is a result of its shareholders’ strategic choice to restructure the firm and give priority to the growth of Cashlink as a payment solution.
Bundle was founded by Yele Bademosi and started its operations in 2012 attracting 50000 monthly active users and processing a monthly volume of $50 million. In contrast, Cashlink did record over 3 million transactions in less than two years which swayed Bundle shareholders to pivot their business to payment solution.
The payments platform has set 60 days to fulfil its transition.
Irrespective of this early exit, Bundle has made its mark in the African continent, providing its users with 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 days, we will our users and stakeholders with unparalleled support as we transition to Cashlink and other services.Yele Bademosi, Founder Bundle
Bundle has sent an advisory to all of its users regarding the impending changes. They are advised to withdraw their assets from the app by September 12, 2023, to enable a smooth transition. Users in Nigeria, Ghana, Kenya, and other francophone-speaking nations were given instructions by the corporation on how to withdraw money from their accounts.
There are several ways for Nigerian users to withdraw their money. They can use Cashlink to withdraw NGN or send money via P2P express to their bank account.
Similar options exist for customers in Ghana, Kenya, and France, including Cashlink withdrawals as well as currency conversions into USDT and money transfers to other wallets. The minimum withdrawal amount for these users is $10, which must be met for a transaction to be successful.