Nigerian social payments app Bundle has recently announced the discontinuation of its crypto exchange services.
The decision, communicated through a statement on July 20 on the company’s blog, comes as part of a strategic restructuring effort to shift focus towards their payment solution called Cashlink.
According to the statement, the move was prompted by the observed growth of the Web3 and blockchain community.
Bundle’s shareholders deemed it necessary to pivot the business to meet the evolving needs of the ecosystem, concentrating on payment solutions that align better with the current trends.
With this change, users will no longer be able to register on Bundle’s platform, deposit assets into their Bundle wallet, or execute asset swaps within the wallet (except for Tether (USDT)).
Furthermore, users won’t be able to withdraw their assets with Cashlink unless they have Nigerian naira or other fiat currencies stored within their Bundle wallet.
The company has set a deadline for users to withdraw their assets from the app. Users are advised to complete this process on or before September 12, 2023.
To facilitate a smooth withdrawal, Bundle has outlined specific steps for users in Nigeria, Ghana, Kenya, and other francophone-speaking countries.
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For users in these locations, the withdrawal process involves transferring their funds from Bundle to any preferred exchange.
Nigerian users, in particular, have the option to withdraw their naira using Cashlink or conduct bank transfers through P2P express. If their balance is less than $10, an easily accessible link is provided to initiate the withdrawal process.
The closure of Bundle’s crypto exchange arm follows the footsteps of another Nigerian crypto payment startup, LazerPay, which ceased its operations in April and made its intellectual property available for sale.
In conclusion, Bundle’s decision to shut down its crypto exchange services is driven by the desire to adapt to the rapidly evolving crypto and blockchain landscape.
By focusing on their payment solution, Cashlink, the company aims to cater better to the needs of the Web3 community.
Users are urged to withdraw their assets before the designated deadline, and specific guidelines have been provided for a seamless withdrawal process in various countries.
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