The Nigerian social payments platform Bundle said on July 20 it was shutting down its crypto exchange services business and will now focus on its peer-to-peer platform known as Cashlink. Bundle said users must withdraw or convert their digital assets to the stablecoin tether on or before Aug. 30.
Bundle Says Transition Period Is to Last 60 Days
The Nigerian social payments platform, Bundle, said on July 20 that it was ceasing operations of its crypto exchange services and will now focus on the peer-to-peer platform known as Cashlink. In a statement, Bundle said the decision to shut down exchange services follows “shareholders’ decision to restructure the business to focus on Cashlink.”
Founded by Yele Bademosi, Bundle started operations in 2020 and at the time of the announcement the platform had 50,000 monthly active users and a monthly volume of $50 million. Cashlink, on the other hand, is reported to have recorded over 3 million transactions in under two years.
According to a Technext report which quotes the CEO Emmanuel Babalola, the payments platform has adequately planned for a transition phase expected to last 60 days.
“Irrespective of this early exit, Bundle Africa has made its mark on the African continent, providing our users with a 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 60 days, we will provide our users and stakeholders with unparalleled support as we transition to Cashlink and other services,” Babalola said.
Asset Deposits and Swaps Disabled
As a result of this move, Bundle asked users of the platform to withdraw their digital assets to crypto exchanges of their choice. To users holding less than $10, Bundle said to Nigerian users that “the last day for withdrawal if you have less than $10 is the 30th of August 2023. After this day your funds will be automatically converted to USDT.”
For users in Ghana, Kenya, and those from Francophone countries, Bundle said they have to convert their assets to USDT on or before Aug. 30. Following the announcement, users of the platform will not be able to sign up, deposit or swap assets in their Bundle wallet (except when converting to USDT).
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