Social Payments Company in Nigeria Shuts Down Its Crypto Exchange Wing

Bundle is a Nigeria-based company that offers social media payment services. The company also operates a cryptocurrency exchange trading platform. However, the latest shareholder meeting has passed the decision to shut down its crypto exchange wing.

The decision is part of the restricting plan for Bundle. It means that the company has decided to decommission its cryptocurrency exchange wing called Cashlink. An official notification regarding the matter was released on 20th July on the company blog.

The notification informs the stakeholders that the company is planning to shut down its crypto exchange operations. The decision has been voted by shareholders of the firm who wish the management to focus on the main business of Cashlink.

On this account, the company has also claimed that shareholders have noted a clear rise in the demand for Web3 and the blockchain industry. Such that the company has claimed that it needs to focus on payment solutions to ensure that it can meet the profit goals to remain operational.

Bundle Stops Registering Cryptocurrency Investors On Its Crypto Trading Forum

Bundle has issued a notification for the users to inform them about the recent changes. The firm is no longer offering an option for the masses to sign-up for the cryptocurrency trading platform.

It also means that the users will not be able to connect their Cashlink and Bundle accounts or conduct transactions.  The only cryptocurrency allowed for swaps between the two wallets is stablecoin Tether or USDT.

In case, the account holders on Cashlink wish to make a withdrawal in the absence of Nigerian Naira or other fiat alternatives they can make a withdrawal in the form of USDT. On this account, the existing account holders on Bundle are directed to withdraw their assets from the application before September 12th this year.

At the same time, the firm has issued detailed instructions for its users in Nigeria, Kenya, Ghana, and other French-speaking nations in the vicinity to wrap up their wallet contents.

With the latest changes in company policies, Bundle users are now busy transferring their account holdings to other cryptocurrency exchanges. Nigerian users have the option to make the withdrawals in the form of Naira and they may also process their withdrawals using the Cashlink application.

At the same time, there is another option to make a P2P bank account transfer using the Cashlink application. However, if the total balance is less than $10 it means that the users are going to be able to need the link to make the withdrawals.

LazerPay is another crypto-based payments application that has decided to halt its operations recently. The firm decided in April and it is now planning to put its intellectual property for sale. In recent months, Nigeria has become a challenging space for cryptocurrency entities. Recently, the Central Bank of Nigeria (CBN) imposed a 10% capital gains tax on crypto entities.

However, the step is opposed by Obinna Iwuno who is serving as the head of the Blockchain Technology Association of Nigeria (SIBAN). Iwauno has likened the premature approval of the Finance Act 2023 to putting a cart before the horse.