Bundle, an Africa-focused social payments app for cash and cryptocurrencies has officially been launched today in Nigeria.
The app, which is backed by Binance, allows users to send,and receive cash or crypto from their peers, with the likes of BNB, BTC and ETH being available immediately.
According to a 2018 report, 40% of African citizens that have access to banking prefer to use digital channels when it comes to money.
Bundle Founder Yele Bademosi, who was formerly a director at Binance Labs, hopes to empower African people by giving them easy access to digital banking.
“We built Bundle with the digitally native African user in mind. 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.” Bademosi said.
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
— YB 🟢 🟡 🔴 (@YeleBademosi) April 23, 2020
“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.”
Bundle’s CTO, Taiwo Orilogbon, added that Africa “has several characteristics that make it a prime geographical location for the realisation of the full potential of digital currencies, blockchain, and its applications.”
The Android app is currently available while the iOS app will be released in the coming weeks. The development of the project came after a successful pre-seed fundraise in September 2019, with Binance investing $450,000.
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