African crypto platform, Bundle stops after 3 years of operations

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

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

Following the release, listings on Bundle were immediately suspended and users of the Bundle app were asked to withdraw their assets within the next 60 days and note that deposits and swaps will be disabled.

Also read: Emmanuel Babalola: Crypto mogul uses Bundle to change narratives in Africa

According to the statement, the Bundle team will be phased out to support its operations until its eventual release is closed. Even though this is the end of the journey for Bundle Africa and its team, the exchange has left its mark on the African market and is thrilled to have driven crypto adoption in Africa.

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

Regardless of this early release, Bundle Africa has left its mark on the African continent, providing our users with a top-notch crypto experience, making it easier and more secure to access crypto services. Our users can withdraw their funds to 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 widely used native crypto app in Nigeria. Despite this feat and a growing number of users eager to explore more blockchain features,

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

Bundle’s story: So far so good

A product of Bundle Wallet Technology, Bundle was developed by Yele Badamosi, CEO of venture capital firm Microtraction and former head of Binance Labs. The crypto startup started as an incubated startup within the Binance ecosystem. At the time, Yele was still a director of Binance Labs, the venture capital arm of the crypto platform (Binance) where he was responsible for developing the blockchain ecosystem in Africa.

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

Yele then resigned as CEO of the company in August the following year and was replaced by Emmanuel Babalola. Yele revealed, in a blog post, that his decision to step down was to allow him to explore other areas needing support in the African crypto community.

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

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

The Bundle application has been designed in such a way that a layman can navigate without any problem. As part of its growth strategy, the team had a Telegram community where experts help traders get used to the app and cryptocurrency in general.

At the end of each week, we hold a walkthrough for our new users, to ease their journey into crypto by explaining the essentials they need to know as a crypto trader, Emmanuel told Technext in an interview.

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