Shutdown of Nigerian Social Payments App’s Crypto Exchange Features Sends Shockwaves Through the Market

Bundle, a prominent Nigerian social payments app, has taken the industry by surprise with its recent announcement to shut down its crypto exchange services. The company released an official statement on July 20, stating that the decision is part of a broader restructuring plan, with a focus on their Cashlink offering.

According to the statement, Bundle’s shareholders collectively agreed to pivot the company’s direction, aligning it with the growing Web3 and blockchain community. This strategic shift aims to concentrate on payment solutions that cater specifically to the evolving needs of the ecosystem.

As a consequence of this move, certain functionalities will be discontinued. Users will no longer be able to register with Bundle, deposit assets into their Bundle wallet, or conduct asset swaps within the wallet, with the exception of USDT. Additionally, withdrawals with Cashlink will only be possible if the user possesses Nigerian naira or other fiat currencies on the Bundle platform.

To ensure a smooth transition for its user base, Bundle has outlined a timeline for the withdrawal process. Users are urged to withdraw their assets from the app before September 12, 2023. For those located in Nigeria, Ghana, Kenya, and other francophone-speaking countries, specific steps have been provided to facilitate the successful withdrawal of their assets.

For users in these locations, transferring funds out of Bundle can be accomplished by sending their assets to a preferred exchange. Nigerian users have the option to withdraw naira through Cashlink or utilize P2P express to transfer funds directly to their bank accounts. Additionally, for those with balances below $10, a link has been provided for easy withdrawal.

This move by Bundle comes in the wake of another Nigerian crypto payment startup, LazerPay, ceasing its operations earlier in April. As the industry experiences shifts and challenges, it remains to be seen how the Nigerian crypto market will adapt and evolve in the coming months.

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