Bundle Africa shuts down exchange service to focus on Cashlink

Johnstone Kpilaakaa -

Starting September 2023, Nigeria-based crypto and Web3 startup Bundle Africa has disclosed that its exchange platform will close down. This will allow the company to focus on Cashlink, its peer-to-peer (P2P) payment platform.

“We will cease operations of exchange services as part of the Shareholders' decision to restructure the business to focus on Cashlink,” the company said in a statement. “As Web3 and the blockchain community continue to grow, there is a need to focus on payment solutions that meet the ecosystem's needs, which is the plan with Cashlink.”

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With this announcement, Bundle Africa said that users will be unable to do the following; sign up on Bundle, deposit assets into your Bundle wallet, swap assets in your Bundle wallet (except USDT) and withdraw with Cashlink if you do not have NGN or fiat on Bundle.

Cashlink is described as a platform that allows crypto users to get cash in and out of Web3 applications, allowing easy integration for platforms (crypto and non-crypto) that wants their users to onramp and offramp cash. It is available on Binance.

Since it was founded three years ago, Bundle Africa said crossed over three million transactions on both Bundle and Cashlink. With over 50,000 active monthly users with about $50 million in monthly volume on Bundle.

Pending when it will fully halt operations in September, users can withdraw all their funds from Bundle to any exchange, “Please note, the last day for withdrawal if you have less than $10 is the August 30, 2023. After this day your funds will be automatically converted to USDT,” the company said.

Bundle Africa also offered the following advice for its Nigerian users:

  • If you’re holding NGN, you can withdraw it through Cashlink into your bank account.
  • Withdraw your funds into your bank account through P2P express.
  • If you are holding less than $10 in your account, you can withdraw with the link provided. Please note, you cannot withdraw less than $10 from your Bundle account. Here’s a link to help you choose a blockchain to move your funds with.
  • If you are holding a USDT value of $2 or less, please transfer your asset to another wallet through SOL or MATIC blockchain.

For Ghanaian users, the company said they can withdraw all their money and GHS to USDT & transfer to any other wallet. Ghana-based users with less than $10 can use this link and the ones in Francophone Africa and Kenya this one.

Editor's Note: This article was updated to reflect $50 million in monthly volume instead of monthly revenue. (July 21, 2023 — 14:02 WAT)