Bundle Africa, the financial platform that has achieved remarkable success in the past three (3) years, is bidding farewell to its crypto-exchange services.
The company is shifting its focus towards Cashlink, the peer-to-peer platform as a payment solution.
Celebrating its achievements, which include Cashlink surpassing three (3) million transactions and Bundle attaining 50,000 monthly active users with a monthly volume of $50 million, the firm has decided to restructure its business in response to the growing Web3 and blockchain community’s needs.
Nigerian Users’ Expectations
As part of the exit strategy, the social payment app for cash and cryptocurrency advises its Nigerian users to withdraw all their funds from Bundles to any exchange of their choice.
“For those holding NGN, withdrawals can be made through Cashlink directly into their bank accounts. Additionally, users can opt for P2P express withdrawals to their bank accounts,” noted the firm via blog post.
However, it’s important to note that withdrawals of less than $10 from Bundle accounts are not permitted.
This link will assist users in choosing a blockchain to transfer their funds, and those holding a USDT value of $2 or less are encouraged to transfer their assets to another wallet through SOL or MATIC blockchain.
“The deadline for withdrawals with a balance of less than $10 is the 30th of August 2023, after which the funds will be automatically converted to USDT,” the crypto firm stated.
Expectations for Ghanaian Users
Similar to Nigerian users, Ghanaian users are advised to withdraw all their funds from Bundle to any exchange of their choice.
However, they also have the option to withdraw directly from the app to their accounts using Cashlink.
Users can convert their GHS to USDT and transfer it to any other wallet of their choice.
“The same restriction of not being able to withdraw less than $10 from the Bundle account applies to Ghanaian users as well. The deadline for converting to USDT is the 30th of August 2023, beyond which the funds will be automatically converted to USDT.”
Expectations for Kenyan and Francophone Users
Kenyan and Francophone users are also urged to withdraw all their funds from Bundle to any exchange they prefer.
If holding KES or XAF, they can convert it to USDT and withdraw it through the blockchain or transfer it to another wallet.
The restriction on withdrawals of less than $10 remains applicable to these users as well.
“The deadline for converting to USDT is the 30th of August 2023, after which the funds will be automatically converted to USDT.”
Bundle’s Restrictions and Upcoming Changes
Effective from the date of the announcement, certain activities will no longer be possible on Bundle.
According to the company, users won’t be able to sign up on Bundle, deposit assets into their Bundle wallets, or swap assets in their wallets, except for USDT.
Additionally, Cashlink withdrawals will not be available for users who do not have NGN or fiat on Bundle.