Africa-focused social payments app for cryptocurrencies Bundle backed by Binance launched in Nigeria
A new social payment app from Binance dubbed Bundle is now available for African users. It allows buying and selling cryptocurrency as well as sending and receiving cash at the same time.
1/n I’m super excited to announce Bundle (@BundleAfrica), an Africa-focused social payments app for cash and crypto ?
After working on this for the last couple of months, we are coming out of stealth and also announcing our $450k pre-seed raise from @binance pic.twitter.com/1mvK1m6taT
— Yele Bademosi 夜雷 (@YeleBademosi) April 23, 2020
Bundle backed by Binance today has launched in Nigeria
Binance has gone the extra mile in reaching Africans. It has launched a new cash and crypto app that allows the sending of cash and crypto between users. Bundle, as the app is known, was developed by Yele Bademosi, who is the former director of Binance Labs.
The cryptocurrency trading platform revealed in its blog post:
“Bundle’s product vision is to evolve into a super-app with a native digital wallet that supports crypto and cash – one that becomes an ultimate utility in everyday life for Africans and the world.”
The post stated:
“Users can buy, sell, and store digital currencies such as BNB, BTC, and ETH, as well as deposit and withdraw digital currencies and local fiat starting with NGN (Nigeria Naira) and many more fiat currencies in the coming weeks.”
Bundle serves as an entry-level app for those who aren’t yet into cryptocurrencies. It is also the first application of its kind on African soil. It is rare to have an app that combines the functionality of several cryptocurrency wallets and African fiat concurrently.
Binance tried to enter African markets
The Bundle isn’t the first foray of Binance into Africa. The cryptocurrency exchange late last year indicated that it would be adding support for the Nigerian naira, among others.
It also has as one of its gateway partners Flutterwave whose Application Programming Interface is second to none.
Bundle takes the introduction of cryptocurrencies to Africans closer to the people. Most Africans do not own larger devices, such as laptops and desktops. Smartphone ownership is in a league of its own.
Financial inclusion via smartphones has been hugely successful in the African region. The road to cryptocurrency adoption could also follow that path.
Bundle said in its mission that it aims to drive crypto adoption on the continent by making it more fun, easy to use, and inclusive for Africans while creating more daily use cases for it.
The first step towards that has been to introduce an App that takes care of the Nigerian market. Nigeria, as a country, has the continent’s largest population. A significant portion of this population is between the ages of 17 – 45.
Binance has also shown that it considers Africa to be a prime market. With the many problems of bureaucratic red tape, corruption, lack of an essential working environment, to name a few.
Changpeng Zhao and his team have been able to meander through all that. Bundle reportedly received about $ 450,000 in pre-seed funding from Binance.
There is a rise in independent projects within the Binance ecosystem. It might be pertinent to note that such projects will, in time, be the best evangelists for Binance as an entity. Several African partners also back a bundle. This will be one of the few times that investors are meeting technology the right way.
Read more:
- Binance Report: Discuss What The Impacts Are From Both A Local And Global Perspective For Libra Facebook
- The Man Behind The Qbita Bitcoin Wallet Has Developed A Peer-To-Peer Exchange Custom Built For Cuba