App for making social payments in Nigeria suspends crypto trading

As part of the company’s restructuring to concentrate on Cashlink, shareholders decided to end the company’s exchange services.

The Nigerian social payments app Bundle has announced the closure of its cryptocurrency exchange. The announcement from the firm said that the shareholders’ decision was prompted by the rapid expansion of the Web3 and blockchain communities and the resulting need for specialised payment systems tailored to the requirements of these new ecosystems.

In other words, it verified that customers without Nigerian naira or other fiat on Bundle would not be able to join up for Bundle, deposit assets into their Bundle wallet, trade assets in their Bundle wallet, or withdraw using Cashlink.

All Bundle accounts should be closed and all funds removed by September 12, 2023, according to the announcement. Users in Nigeria, Ghana, Kenya, and other francophone-speaking countries were given specific instructions on how to withdraw funds from the service.

Users in these countries may transfer their Bundle cash to their favourite cryptocurrency exchange. Users in Nigeria may access their naira using Cashlink or send money to their bank account via P2P express. If their account balance is less than $10, they may request a withdrawal by clicking the link given.

In April, Nigerian crypto payment firm LazerPay announced its closure and the selling of its intellectual property.

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