The news:
- African crypto exchange, Bundle Africa, has shut down operations after three years of operation.
- It says it”ll now focus on expanding Cashlink, its peer-to-peer (P2P) payment network.
- The company has amassed 50,000 monthly active users over the years and $50 million in monthly transactions.
After three years of operation, Bundle Africa is closing its doors to users.
According to a blog post on the Bundle Africa website, the company wants to focus on Cashlink, its P2P payment network, to meet the payment needs of the growing Web3 and blockchain community.
It also revealed that in Bundle’s three years, it had amassed 50,000 monthly active users, 3 million transactions, and $50 million monthly volume.
Founded in 2020 by Yele Bademosi and Emmanuel Babalola, Bundle Africa was launched as a social payment app for cash or crypto.
“Bundle’s mission is to create a world where all Africans regardless of their geographical location, have access to the best, open and inclusive financial services that will improve the quality of their lives and help them achieve their personal goals,” Bademosi told Techpoint Africa in 2020.
Cashlink launched as a P2P infrastructure that helps users on-ramp and off-ramp Web3 platforms. It essentially helps users enter and exit the crypto ecosystem with fiat.
Bundle Africa CEO, Emmanuel Babalola said Cashlink was created to be “the Uber for money.”
With 1.7 million in processed transactions in its first year, Cashlink is already growing fast. It will also be used by Nigerian and Ghanaian Bundle Africa users in withdrawing their funds as buying, selling, and withdrawals on Bundle Africa has been ceased.
Bundle Africa joins the league of crypto exchanges that have shut down operations since the FTX collapse of 2022. And as the crypto winter lingers, one begins to wonder, which exchange will make it out alive?
