Nigerian Social Payments App Shuts Down Crypto Exchange Services

• Bundle, a Nigerian social payments app, has announced it will be shutting down its crypto exchange arm.
• The decision is a result of the growth of the Web3 and blockchain community and the need to focus on payment solutions that meet the ecosystem’s needs.
• All users are advised to withdraw their assets from the app on or before Sept. 12, 2023.

Bundle Shuts Down Crypto Exchange Services

Nigerian social payments app Bundle has announced it is shutting down its crypto exchange arm. According to the July 20 statement released on the company blog, Bundle said that it would cease operations of its exchange services as part of the shareholders’ decision to restructure the business to focus on Cashlink.

Reason Behind Shutting Down Exchange Services

In the statement, the company noted that the decision by its shareholders is a result of the observed growth of the Web3 and blockchain community, and the need to focus on payment solutions that meet this ecosystem’s needs.

Advice for Users

All Bundle users are advised to withdraw their assets from the app on or before Sept. 12, 2023. Nigerian users can withdraw naira using Cashlink or transfer funds to their bank account through P2P express if their balance is less than $10 USDT.

Other Crypto Payment Startup Cessation

In April, Nigerian crypto payment startup LazerPay also ceased operations and made its intellectual property available for sale.

Conclusion

The closure of bundle’s crypto exchange shows how quickly things can change in this ever-evolving industry and should remind all investors in cryptocurrency markets to stay alert when investing in digital asset exchanges or other related services.