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Bundle Africa shuts exchange operations after three years

Bundle Africa shuts exchange operations after three years

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#crypto
#payments
After three years of operations, Bundle Africa has shut down its exchange services. The crypto payments app will now be focusing on Cashlink, its peer-to-peer platform. Bundle Africa, a social payments app for cash and cryptocurrency, has announced it is shutting down operations of its exchange services after three years. According to a statement published on its website on Friday, the company said the decision was made by its shareholders in a bid to “restructure the business”. Instead, Bundle will now be focusing on Cashlink, its peer-to-peer platform. The company said it hit 50,000 monthly active users and a $50 million monthly volume on Bundle and crossed over 3 million transactions on Cashlink.

Bundle Africa, a social payments app for cash and cryptocurrency, has announced the shutdown of its exchange services after three years of operation. The decision was made by the company's shareholders as part of a restructuring plan. Instead, Bundle Africa will now focus on its peer-to-peer platform called Cashlink. The company reported reaching 50,000 monthly active users and a $50 million monthly volume on Bundle, as well as crossing over 3 million transactions on Cashlink. Users will no longer be able to sign up on Bundle, deposit assets, swap assets (except for USDT), or withdraw with Cashlink. They are encouraged to withdraw all their funds to other exchanges by September 10, 2023. The move comes amid challenges faced by the African crypto industry, with some startups having to shut down or face funding difficulties.


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