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Bundle, the renowned Nigerian payments app, recently divulged its plan to discontinue its cryptocurrency exchange service. The decision, disclosed in a company statement on July 20, is part of a strategic shift orchestrated by the firm's shareholders, which aims to channel resources toward Cashlink, its primary payment solution.
The move was influenced by the burgeoning growth and dynamism of the Web3 and blockchain community. The initiative stems from the company's vision to streamline its offerings to address the community's pressing needs more effectively.
The restructuring will herald a new operational framework in which users won't have the capacity to register with Bundle, deposit to their Bundle wallet, exchange assets (except Tether, USDT), or process withdrawals via Cashlink without Nigerian Naira or any other fiat currency on Bundle.
The company has urged its users to promptly transfer their assets out of the app. The deadline for this process is set for September 12, 2023. Detailed guidelines have been provided for users residing in Kenya, Nigeria, Ghana, and other French-speaking territories to execute successful asset withdrawals. They can redirect their funds from Bundle to any exchange of their choice.
For the Nigerian user base, two options exist for withdrawals. Users can either choose to withdraw Naira via Cashlink or transfer their funds to their bank account using the P2P express service. For those with balances less than $10, a specific link has been provided to facilitate withdrawals.
This move parallels an earlier event when LazerPay, another Nigerian cryptocurrency payment startup, ceased operations and offered its intellectual property for sale in April.
The transition is seen as a step to adapt and remain relevant in an ever-evolving tech space.
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