After three years of operation, Bundle Africa, an African crypto exchange, has decided to shut down its trading operations. The company want to redirect its efforts towards expanding Cashlink, its peer-to-peer (P2P) payment network, to cater to the needs of the growing Web3 and blockchain community.
In a post on the Bundle Africa website, the company announced its decision to pivot towards a new direction. Over the years, Bundle Africa had garnered a substantial user base, boasting 50,000 monthly active users and facilitating 3 million transactions with a total monthly volume of $50 million.
Founded in 2020 by Yele Bademosi and Emmanuel Babalola, Bundle Africa initially launched as a social payment app enabling transactions with cash or cryptocurrencies.
Yele Bademosi expressed Bundle Africa’s mission to provide accessible and inclusive financial services for all Africans, irrespective of their geographical location. This vision aimed to improve the quality of people’s lives and help them achieve their personal goals.
Cashlink, the P2P payment network introduced by Bundle Africa, served as an on-ramp and off-ramp infrastructure for Web3 platforms. Its primary purpose was to facilitate the seamless entry and exit of users into and from the crypto ecosystem using fiat currency.
Emmanuel Babalola, the CEO of Bundle Africa, likened Cashlink to “the Uber for money.” Within its first year of operation, Cashlink processed 1.7 million transactions, demonstrating impressive growth potential.
With the cessation of buying, selling, and withdrawals on Bundle Africa, Nigerian and Ghanaian users will rely on Cashlink for withdrawing their funds.
The decision of Bundle Africa to shut down its exchange operations comes amid a backdrop of other crypto exchange closures following the FTX collapse in 2022. As the cryptocurrency market faces a prolonged period of uncertainty, observers wonder which exchanges will manage to navigate through the challenges and remain operational.
