Nigerian social payments app, Bundle, just announced the closure of its crypto exchange services. The decision was made as part of a strategic restructuring guided by the company’s shareholders. They have chosen to focus on Cashlink. This is a payment system that is compatible with the rapidly increasing web3 and blockchain communities.
The corporation clarified two days ago that consumers will no longer be able to access the exchange services. Except for Tether (USDT), this includes ass depositing and trading in their Bundle wallet. Furthermore, Cashlink withdrawals will be available only if users have Nigerian naira or other fiat currency in their Bundle wallet.
Bundle advises all customers to withdraw their assets before September to ensure a seamless transition. Most of the nations bordering Nigeria have established a mechanism for asset extraction.
There are just two options for local Nigerian users to withdraw money. They can withdraw naira using Cashlink or transfer monies to their bank account via P2P express. Moreover, if they only have less than $10 in their wallet, they can withdraw it via a particular link.
Bundle’s decision to suspend crypto exchange services is primarily motivated by the need to adapt to the shifting landscape. By focusing on Cashlink, the company hopes to address the changing needs of its users while also creating a more streamlined and efficient platform.
NEWS: 🇳🇬 #Nigerian Social Payments Platform Bundle Ceases Crypto Exchange Operations
— Walletor (@walletorapp) July 24, 2023
Bundle’s decision to discontinue its cryptocurrency exchange services reflects the company’s strategic emphasis on Cashlink. A potential payment mechanism that would benefit the burgeoning Web3 and blockchain communities. Users can remove their assets from the app until September 12, 2023.
Bundle’s shift in focus exemplifies the volatile nature of the bitcoin and blockchain industries. Companies in this field must constantly change to meet the needs of people and remain relevant. Users may expect improved payment methods adapted to their needs, as well as a renewed commitment to crypto exchange services.