Nigerian app Bundle is shutting down its crypto exchange operations

• The decision is driven by the growth of the Web3 and blockchain community.
• Users have until September 12, 2023, to withdraw their assets from Bundle.
• A minimum withdrawal amount of $10 is required for these users.

Nigerian social payments app, Bundle, has recently announced its decision to shut down its crypto exchange arm.

The company disclosed this information on July 20 through a statement on its blog, stating that it intends to focus on expanding the services of its payment solution, Cashlink.

The decision to cease crypto exchange operations comes as part of a strategic restructuring plan by the company’s shareholders. They aim to capitalize on the growing Web3 and blockchain community by concentrating on payment solutions that cater to the needs of this evolving ecosystem.

As a consequence of this move, users will no longer be able to sign up on Bundle or engage in activities such as depositing assets into their Bundle wallet, swapping assets, or withdrawing funds without having NGN or fiat on the platform. The deadline for users to withdraw their assets from the app is set for September 12, 2023.

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The company has outlined specific steps for users in Nigeria, Ghana, Kenya, and other francophone-speaking countries to ensure a smooth withdrawal process.

Nigerian users have the option to withdraw NGN using Cashlink or transfer funds to their bank accounts through P2P express. For balances below $10, a provided link can be used for withdrawal.

Similarly, Ghanaian, Kenyan, and Francophone users can withdraw via Cashlink or convert their local currencies to USDT and transfer the funds to other wallets. A minimum withdrawal amount of $10 is required for these users.

In the crypto landscape, this development follows the closure of another Nigerian crypto payment startup, LazerPay, which ceased operations in April and made its intellectual property available for sale.

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