Bundle, a Nigerian social payments platform, has announced that it will be shutting down its crypto exchange services and focusing on its peer-to-peer platform called Cashlink. The decision to restructure the business was made by the shareholders. Here are the key points:
1. Bundle will no longer offer crypto exchange services and will instead focus on its peer-to-peer platform, Cashlink.
2. The decision to shut down exchange services was made by the shareholders.
3. Bundle started operations in 2020 and had 50,000 monthly active users and a monthly volume of $50 million.
4. Cashlink has recorded over 3 million transactions in under two years.
5. Users are advised to withdraw their digital assets to crypto exchanges of their choice by a certain deadline.
Bundle has given users a transition period of 60 days to withdraw their funds and has assured them of support during this period. Users who hold less than $10 will have their funds automatically converted to USDT after a certain date. The platform will no longer accept new sign-ups or allow asset deposits or swaps, except for converting to USDT.
Hot Take:
Bundle’s decision to shut down its crypto exchange services and focus on its peer-to-peer platform reflects a strategic shift in response to market demands. It remains to be seen how this transition will impact the platform’s user base and overall growth in the long run.
