Nigerian Social Payments App Shuts Down Crypto Exchange Services with Web 3.0 Release Date

Bundle Ceasing Crypto Exchange Operations

On July 20, Nigerian social payments app, Bundle, announced that it is shutting down its crypto exchange arm. This decision was made by the shareholders in order to restructure the business and focus on Cashlink as a payment solution. As part of this restructuring, users will no longer be able to sign up on Bundle, deposit assets into their Bundle wallet, swap assets in their Bundle wallet (except USDT), or withdraw with Cashlink if they do not have NGN or fiat on Bundle.

The company noted that this move was due to the growth of the Web3 and blockchain community, and the need to focus on payment solutions that meet the ecosystem’s needs. Bundle has urged its users in Nigeria, Ghana, Kenya and other francophone-speaking countries to withdraw their assets from the app on or before September 12, 2023.

The move to cease crypto exchange operations is part of the larger trend in the crypto space, as Aave, Alchemy Pay, Alchemix, Agix, and Alchemy all release their own crypto tokens and Web 3.0 platform. Web 3.0 is also set to revolutionize the way we interact with the internet, and the list of tokens available on the Web 3.0 platform is growing by the day.

Withdrawal Options for Bundle Users

Nigerian users can withdraw their funds from Bundle to any exchange they prefer, either through Cashlink or by transferring to their bank account via P2P Express. If their balance is less than $10, they can use the provided link for withdrawal.

Ghanaian, Kenyan, and Francophone users can also 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 Aave Crypto startup, ceased operations and made its Alchemy Pay Crypto available for sale.