Bundle, a social payments app, has launched in Nigeria facilitating services in both cryptocurrencies and fiat.
The app will allow users to buy, sell, and store digital currencies including Bitcoin, Ethereum, and Binance Coin. In addition, it will also support crypto and fiat conversions, along with direct fiat deposits.
Though initially only Nigerian naira is supported, the platform has plans to expand its reach in the continent by adding more fiats in the “coming weeks.”
The platform also supports various fiat deposit methods including using credit cards, bank transfers, and mobile money, a widely used fiat storing technique in Africa.
“We built Bundle with the digitally native African user in mind,” Yele Bademosi, founder of Bundle, said.
“They are social, online, and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches. We built Bundle as a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app like Venmo.”
Binance’s direct and indirect approach to Africa
Before going full-time with Bundle, Bademosi was a director at Binance Labs. The startup also raised $450,000 from Binance and other unnamed African investors last year in a pre-seed round.
The project was also incubated within the Binance ecosystem, but is now operating as an independent entity.
Notably, Binance also has its eyes in the African market and also added the Nigerian fiat as the first fiat currency on the platform.
“We believe Africa has several characteristics that make it a prime geographical location for the realization of the full potential of digital currencies, blockchain, and its applications. Currently, only 1.4 million people out of 1.2 billion people in Africa use crypto today,” Taiwo Orilogbon, chief technical officer at Bundle, added.