Nigerian social payments app Bundle has announced that it is closing its cryptocurrency exchange arm. In April, the country’s other crypto payment startup, LazerPay, ceased operations.
Another Nigerian crypto platform has decided to shut down
According to a July 20 statement, Bundle said it will cease operations of exchange services as part of shareholders’ decision to restructure it to focus on Cashlink. The Nigerian company is turning to Cashlink, a P2P payment platform, at the request of its stakeholders. Due to this decision, the exchange service Bundle is ending its operations.
https://twitter.com/BundleAfrica/status/1682351385331789831
The company announced that its shareholders want to focus on the growth of the Web3 and Blockchain community and its payment solutions. Due to this change, the Bundle is no longer accepting new users. The company announced in the official statement that users will not be able to deposit and transfer money to the Bundle. Withdrawals will be made in Nigerian naira or fiat currencies only.
Deadline is September 12
According to the statement, all Bundle users are required to withdraw their assets from the app on or before September 12, 2023. However, the company has outlined steps for its users in Nigeria, Ghana, Kenya and other francophone-speaking countries to successfully withdraw their assets.
Users in these locations can withdraw their funds from the Bundle to any preferred exchange. Nigerian users can withdraw naira using Cashlink. However, they can transfer money to their bank accounts via P2P express. If their balance is under $10, they will be able to use the link provided to withdraw funds.
Nigerian payment startup LaserPay ceased operations
In April, the country’s other crypto payment startup, LazerPay, decided to shut down. The reason for the closure was due to the company’s inability to provide sufficient funds this time. The decision to shut down the venture was necessary as the company was unable to raise funds in a funding round, said Emmanuel Njoku, founder and CEO of Lazerpay.
“We are extremely grateful for the connection we have established and the impact our platform has had on the crypto ecosystem,” Njoku said in a statement. We fought hard to keep the lights on for as long as possible, but unfortunately we are at the point where we have to turn them off.”
https://twitter.com/njokuScript/status/164653164337158546
As quoted by Kriptokoin.com, the African crypto space has been rocked by a wave of turmoil lately. Also in April, the shutdown of the P2P cryptocurrency market Paxful prompted its worldwide community to look for alternatives. On April 4, Paxful announced that it would cease operations. According to founder and CEO Ray Youssef’s blog, the reason for this decision was the “leaving of key personnel” and the regulatory environment.
Closures significantly impact the Nigerian crypto community
According to Chainalysis’s report, Nigeria ranked eighth in crypto adoption and use among 154 countries. Crypto adoption and use in Nigeria was led by Paxful. The shutdown of the platform severely restricted users’ crypto access.
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