Binance-backed Bundle launches Africa-oriented crypto payments app

Posted: 24 April 2020 12:42 pm
News

Picture not described

The right app in the right place at the right time could serve as a bellwether for potential crypto mass adoption.

Yele Bademosi, former director at Binance Labs, founded Bundle and successfully raised a pre-seed fundraise of $450,000 from Binance in September 2019.

It's a crypto payment app, with a number of interesting points of difference, some of which can be summarised as a tight focus on Africa and extensive integration with local currencies and payment channels.

It supports the Nigerian naira along with BTC, ETH and BNB, and outside the Bundle wallet itself it allows transactions to be processed with cards, bank transfers and, of course, Mobile Money.

In a way, it's designed to be the right app in the right place at the right time, which could make it an interesting bellwether of crypto adoption.

There's already a precedent there in the form of ridiculously fast uptake of mobile money apps in Sub-Saharan Africa, and a history of technological leapfrogging.

Right place, right time

"We believe 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," said Bundle CTO Taiwo Orilogbon.

The app was specifically designed to leverage that to the fullest extent possible.

"We built Bundle with the digitally native African user in mind," said Yele Bademosi. "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."

Bundle aims to support over 30 African countries by the end of the year. How much uptake it sees as it works towards that goal could provide some very useful insights for anyone who wants to see an indication of potential cryptocurrency adoption when you get the right app in the right place at the right time.

"Currently, only 1.4 million people out of 1.2 billion people in Africa use crypto today," said Orilogbon. "This is a worthwhile mission because making the blockchain ecosystem more accessible unlocks economic opportunity on and for the continent."


Disclosure: The author holds BTC, BNB, ATOM, IOTA at the time of writing.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site