Social payments app Bundle Africa is shutting down operations of its exchange services after three years.
The payments app for cash and cryptocurrency cited the need to “restructure the business”. Bundle will now be focusing on Cashlink, its peer-to-peer platform.
Bundle Africa has gained considerable traction, hitting 50,000 monthly active users and a $50 million monthly volume on Bundle and crossed over 3 million transactions on Cashlink.
Bundle users will longer be able to sign up on Bundle, deposit assets into their wallet, swap assets in their wallets except for USDT, and withdraw with Cashlink.
Bundle users have until 30th of August, 2023 to withdraw all their funds to any exchange of their choice.
Bundle’s woes adds up to the beating the Africa crypto industry has been taking. Nestcoin, a Nigerian crypto startup, which held investor funds in collapsed FTX, had to lay off staff last year.
In February, another Nigerian crypto startup, Fluidcoins, was acquired by Bitfinex after it unsuccessfully tried to raise funds to continue its business operations.
In April, Lazerpay, a web3 and crypto payment company, shut down, months after the startup’s founder, Njoku Emmanuel, shared that the company was having trouble raising funds.