Africa-focused social payments app for cash and cryptocurrency, Bundle Africa, has shut down operations as part of a restructuring process to focus on another product called Cashlink.
As the Web3 and blockchain community continues to grow, Bundle disclosed that there is a need to focus on payment solutions that meet the ecosystem’s needs, which is the plan with Cashlink, as it is focused on expanding the services of Cashlink as a payment.
The company has therefore advised users to withdraw their assets from the app on or before the /12th of September 2023
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It wrote via a press release,
“For the past 3 years of our operations, you have been part of our success story, and we want to say a huge thank you. As we celebrate our achievements of the last 3 years, including Cashlink crossing over 3 million transactions and Bundle with more than 50,000 average monthly active users and over $50m monthly volume, we also want to announce that Bundle’s exchange services (Buy and sell/Deposits and withdrawals) are ceasing operations as we focus on expanding the services of Cashlink as a payment.
“Users are advised to withdraw their assets from the app on or before the /12th of September 2023. Why is Bundle leaving the Market? We will cease operations of our exchange services as part of the Shareholder’s decision to restructure the business to focus on Cashlink.
“As Web3 and the blockchain community continue to grow, there is a need to focus on payment solutions that meet the ecosystem’s needs, which is the plan with Cashlink”.
Important News??
We're saying goodbye to the exchange part of our operations and focusing on growing Cashlink as a payment solution for Web 3.????Read more in our bio. pic.twitter.com/YhvCW4OI6h
— Bundle (@BundleAfrica) July 21, 2023
From the date of this announcement, users won’t be able to do the following on Bundle.
- Sign up on Bundle
- Deposit assets into your Bundle wallet.›
- Swap assets in your Bundle wallet (except USDT)
- Withdraw with Cashlink if you do not have NGN or fiat on Bundle.
Speaking on the shutdown of Bundle, the company’s CEO Emmanuel Babalola disclosed that the team has put in place plans to adequately support their users during this transition phase.
In his words,
“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”.
Bundle Africa was launched in August 2019 by Yele Bademosi and Emmanuel Babalola. It was developed within the Binance ecosystem.
The startup was a remote-first company that began as a startup inside Binance. The app had over 50 thousand downloads in the first four months following its release, with a 4.4 rating on Google Play and over $4.5 million in transaction volumes.
Bundle had a monthly transaction volume of $56 million with over 350,000 customers in its early years. It grew to 650,000 users in 16 months, mostly through networking, community marketing, as well as a little marketing budget.
Before its shutdown, the startup was committed to supporting customer and making meaningful connections flow through, which helped Bundle grow to serve over 700,000 users in 2 years.