Nigerian social payments app shuts down crypto exchange services

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

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

Screenshot of Bundle’s press release. Source: Pack

In the statement, the company cited that this decision by its shareholders is the result of the observed growth of the Web3 and blockchain community and therefore the need to focus on payment solutions that meet the needs of the ecosystem. In the company’s press release, it confirmed that users will not be able to register on Bundle, deposit assets in their Bundle wallet, trade 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 no ​​later than September 12, 2023. However, the company has specified steps for its users in Nigeria, Ghana, Kenya and other French-speaking countries to successfully withdraw their assets.

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

Ghanaian, Kenyan and French-speaking 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 put its intellectual property up for sale.

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