Bundle, a social payments app, launched on Nigeria to provide 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 cryptocurrency and fiduciary conversions, along with direct fiat deposits.
Although initially only the Nigerian naira is supported, the platform has plans to expand your reach on the continent adding more resources in the "next few weeks".
The platform also supports various methods of fiduciary deposit, including the use of credit cards, bank transfers and mobile money, a fiduciary storage technique widely used in Africa.
"We built Bundle with the digital native African user in mind," said Yele Bademosi, founder of Bundle.
“They are social, online, and connected across geographic boundaries. They prefer their financial services provided digitally through mobile applications instead of visiting traditional bank branches. We build Bundle as a mobile wallet that supports cash and cryptocurrency, and makes using cryptocurrencies feel like another digital financial transaction made on a mobile app like Venmo. ”
Binance's direct and indirect approach to Africa
Before working full-time with Bundle, Bademosi was a director at Binance Labs. The startup also raised $ 450,000 from Binance and other unidentified African investors last year in a pre-seed round.
The project was also incubated within the ecosystem of Binance, but is now operating as a separate entity.
It should be noted that Binance also has its eyes on the African market and also added the Nigerian fiat as the first fiat currency on the platform.
“We believe that Africa has several characteristics that make it a privileged geographic location for realizing the full potential of digital currencies, blockchain, and their applications. Currently only 1.4 million people out of 1.2 billion people in Africa use cryptocurrencies today, ”added Taiwo Orilogbon, technical director of Bundle.